During the November 2023 board meeting, the EDGE Board met and approved two Inner City Economic Development (ICED) Loans for businesses in the Medical District and downtown. A 10-year Fast Track PILOT was also approved for Fresh Start Facility Services, Inc., a leading provider of commercial janitorial services based in Memphis and serving several states in the southeast region.
The ICED Loan program is designed to spark revitalization of Memphis inner-city neighborhood business districts through small forgivable loans, up to $25,000. Upscale Kutz, LLC and Groovy Gratitude, LLC received $24,334 and $25,000, respectively, to fund permanent interior improvements to the buildings and surrounding streetscapes.
Montrell Turner with Upscale Kutz, located at 1333 Madison Avenue, will use the ICED Loan to address necessary updates needed to the historic building constructed in 1925. The modern barbershop will benefit from increased foot traffic, and sales are projected to grow by 15% over the coming year. Improvement projects include HVAC and ceiling repairs, painting, and additional client seating. The company expects to expand the barber team, too.
“Memphis small business owners and entrepreneurs are the catalysts for economic growth, job creation, and the vibrant spirit that defines our city,” said Dr. Joann Massey, EDGE Vice President of Operations. “Together, they are not only shaping commerce but also weaving the fabric of a stronger, more resilient Memphis.”
The ICED Loan being distributed to Groovy Gratitude, a vibrant juice and smoothie bar meant to inspire health, wellness, and community connections, will fund improvements to the interior and exterior of 605 N. Second St, Suite 101. Owners Marquis White and Alicia Dixon plan to create outside seating meant to foster community fellowship and gathering. Additionally, new outside signage and an interior buildout that includes paint, light fixtures, flooring, shelving, and seating will be completed.
At the November board meeting, EDGE also approved a Fast Track PILOT for Fresh Start Facility Services. This enables the company to create 260 net new jobs with an average wage of $37,347 and to invest $2.9 million in the City of Memphis. As a locally owned and operated company, Fresh Start Facility Services serves Tennessee, Mississippi , Arkansas, Kentucky, Louisiana, Georgia, and Alabama.
EDGE offers several PILOT programs designed to encourage and assist projects that will help the community grow and prosper. For more information on tax incentives for new and expanding companies, visit edgemem.com.