In a bold new effort to strengthen small businesses and spark neighborhood growth, the City of Memphis has officially launched “Entrepreneurship City”—a new initiative designed to uplift mom-and-pop shops through direct financial support.
“This is where grit meets growth,” said Memphis Mayor Paul Young during the program’s announcement. “We’re investing in the businesses that make up the heart of our neighborhoods.”
Through a partnership with the Economic Development Growth Engine (EDGE), the city is now offering forgivable loans of up to $25,000 for brick-and-mortar business owners across Memphis. The goal is to help these businesses not only survive, but thrive—especially as they recover from pandemic-era challenges and work to scale in a changing economic climate.
How the Forgivable Loan Works
The funding is structured as a loan that does not need to be repaid—so long as the business stays open and meets its obligations for at least three years.
“The loan is forgiven if the businesses exist for three years and continue to do what they committed to do,” explained Dr. Joann Massey, president and CEO of EDGE. “At that point, they don’t have to pay it back.”
The initiative builds on EDGE’s existing support systems. Since 2017, the agency has issued 120 loans totaling nearly $2.7 million, with over 50 of those loans already forgiven—proof that the model is working for local entrepreneurs.
Powered by the Businesses Who Came Before
What makes the Entrepreneurship City initiative even more powerful is how it’s funded: through fees paid by larger businesses that have received property tax incentives (known as PILOTs). In a full-circle approach, Memphis’ largest companies are indirectly helping seed the growth of its smallest.
Apply Now
If you’re a Memphis-based brick-and-mortar business owner looking for support to grow or sustain your operations, now is the time to act. Applications are open through EDGE, and the city is encouraging business owners to take advantage of this opportunity.
Entrepreneurship City is more than a program—it’s a movement. By investing in local businesses, Memphis is building a stronger, more inclusive economy where every corner store, café, salon, and service provider has a chance to thrive.
Let us know if you’d like help applying or want to share your Memphis small business story with We Are Memphis!
