For the past decade, the EDGE’s Inner City Economic Development (ICED) Loans have been a cornerstone of economic empowerment and community revitalization in Memphis. Since its inception in 2014, the program has been instrumental in fostering growth, creating jobs, and revamping inner-city neighborhoods. As we celebrate 10 years of ICED Loans, we reflect on its influence and the stories of success it has cultivated.
Empowering small businesses in inner-city neighborhoods
Since 2014, ICED Loans have provided crucial support to nearly 100 businesses in Memphis. These organizations, ranging from startups to established enterprises, have collectively received over $2 million in funding. This financial boost has enabled entrepreneurs to expand their operations, upgrade their facilities, and invest in their workforce.
The program’s impact extends further than monetary assistance, significantly contributing to job creation in Memphis. Projects financed by ICED Loans have created approximately 600 positions spanning various sectors. This reflects the initiative’s influence across the city’s diverse economic landscape.
A distinguishing feature of the loans is its focus on revitalizing Memphis’ inner-city neighborhoods – as the name suggests. Since 2014, businesses funded by the ICED Loans have invested close to $9 million in these communities. This strategic approach has spurred activity in the economy and renewed local infrastructure, enhancing the quality of life for residents.
Funds in action: Riko’s Kickin’ Chicken
Riko’s Kickin Chicken stands as a testament to these efforts. Located in Memphis’ Medical District, Riko’s is a beloved dining spot renowned for its chicken wings. Owned by Mariko Wiley and Tiffany Beard, the restaurant distinguishes itself with its unique catering services and fills a niche untouched by nearby competitors.
In October 2023, Riko’s received a $14,900 ICED Loan from EDGE, complementing an additional $7,450 investment from the owners. This financial assistance, totaling $22,350, revived the restaurant’s appearance, addressing critical aesthetic challenges such as worn-out paint and an uninviting exterior. The renovation aims to eliminate perceptions of closure during operational hours, enhancing curb appeal and attracting more foot traffic.
Mariko and Tiffany are optimistic about the impact of these improvements, expecting a 20% increase in sales driven by the refreshed look. They anticipate continued local support and growth in both dine-in and catering services, reinforcing Riko’s status as a Memphis staple and contributing to the economic vibrancy of the city’s Medical District.
Community support and future outlook
ICED Loans have fostered a sense of community and collaboration among Memphis entrepreneurs, stakeholders, and residents. The program has encouraged individuals to pursue their dreams, restore our neighborhoods, and contribute to the city’s resilience.
Looking ahead, EDGE remains committed to expanding the impact of ICED Loans. With ongoing support and strategic partnerships, the initiative aims to continue empowering small businesses, fostering job growth, and driving economic development in underserved areas of Memphis.
As we celebrate 10 years of ICED Loans, we recognize not just the numbers but the stories of resilience, innovation, and community spirit that define Memphis. Together, we look forward to shaping a more prosperous and inclusive city for generations to come.