The EDGE Economic Development Finance Committee today met and approved two forgivable Inner City Economic Development (ICED) Loans built to spark revitalization in distressed 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.
Crystal Whiting received a $25,000 ICED Loan to support façade, building expansion, HVAC, and building interior improvements at Envy Chic Couture Boutique, LLC, located at 2276 Park Ave. A staple in the Memphis community for more than 13 years, originally serving East Memphis and expanding to Orange Mound in 2019, the boutique has become a trusted destination for women seeking stylish attire. Funds will be used to support new exterior signage and window displays to attract customers and enhance visibility. Adjustments to the store’s interior will allow for increased inventory and dressing rooms.
“ICED Loans provide critical support for local entrepreneurs,” said EDGE President and CEO Dr. Joann Massey. “Funding has empowered small businesses to expand operations, create jobs, revitalize neighborhoods, and strengthen local economies.”
Hard Times Delicatessen, LLC also received a $25,000 ICED Loan. Members and guarantors Harrison Downing, Cole Jeans, and Schuyler O’Brien applied for funds to assist with the buildout and interior improvements for the deli, located at 655 Marshall Ave. Improvements include construction on a full kitchen and restaurant space, including interior, exterior, and façade improvements. Upon opening, the restaurant will serve high-quality sandwiches, soups, salads, and soft-serve ice cream.
Throughout the last 10 years, businesses funded by the ICED Loans have invested close to $9 million in the communities they serve. To learn more about this program, visit www.edgemem.com.