Memphis mayor announces loan programs for businesses in distress

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Memphis Mayor Jim Strickland

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MEMPHIS, Tenn. — Memphis Mayor Jim Strickland on Monday announced the city has created two micro-loan programs to aid businesses hurt by coronavirus closures, along with a third joint city-county program.

The programs will help business owners with rent, payroll and vendor payment

Small Business Resiliency (SBR) will offer loans between $5,000 to $35,000, with repayment delayed for 90 days. The business must have been previously denied for an SBA loan, located in a distressed community in Memphis, in business at least three years and certified with the city’s Office of Business Diversity and Compliance.

Economic Hardship Emergency (EHE) will offer loans of $2,000 to $5,000 with no interest for six months. Businesses and owners must be within Memphis, with less than $1 million in annual revenue, in business for at least three years and certified by the OBCD.

Neighborhood Emergency Economic Development (NEED), a joint city-county program run by EDGE, would offer loans between $5,000 and $10,000 to businesses that remain open, with at least a 25% reduction in revenue and a plan to stay open for 90 days; and $5,000 for businesses that are temporarily closed but have a plan to reopen within 90 days. Businesses must be located in the New Market Tax Credit Zones, open before March 1, 209 and have revenue of less than $1 million.

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