During the October 2023 board meeting, the Economic Development Growth Engine for Memphis & Shelby County (EDGE) Board met and approved two Inner City Economic Development (ICED) Loans for businesses in Hickory Hill and the Medical District. A 10-year Fast Track PILOT was also approved for CRDN of the MidSouth, a subsidiary of Hub Group, Inc., a leading force in the textile and electronic restoration sector.
The ICED Loan program is designed to spark revitalization of Memphis inner-city neighborhood business districts through small forgivable loans, up to $25,000. Riko’s Kickin Chicken, LLC and Professional Allied Health, LLC received $14,900 and $21,806, respectively, to fund permanent building façade and interior improvements to the buildings.
Mariko Wiley with Riko’s Kickin Chicken, located at 1329 Madison Avenue, will use the ICED Loan to address the issue of the restaurant sometimes appearing closed due to its current appearance. Additionally, it is anticipated that this renovation will lead to a substantial increase in sales, projected at 20%, attributed to the enhanced visual appeal and ambiance of the restaurant.
“Since 2014, the ICED Loan program has assisted projects that have invested nearly $9 million in Memphis’s inner-city neighborhoods,” said Dr. Joann Massey, EDGE Vice President of Operations. “Small businesses are the heartbeat of our communities. Their impact extends far beyond economic contributions, and EDGE is proud to play a role in powering their successes.”
The ICED Loan being distributed to Professional Allied Health will fund improvements to the 6,189 square foot space located inside the Hickory Ridge Mall. Guarantors Tuwanna McDaniel and Pamela Prude are expecting a 10% annual growth rate and plan to use the loan to expand their current facilities. The organization provides certifications that open pathways to employment in a range of healthcare settings.
Additionally, EDGE approved a Fast Track PILOT for CRDN of the MidSouth. This enables the company to create 29 new jobs with an average base salary wage of $31,566 excluding benefits and to invest $6,367,100 in the City of Memphis. The company is relocating from Byhalia, Mississippi to a more spacious facility at 3495 Lamar Avenue.
“We’re thrilled to welcome CRDN to Memphis,” said Al Bright, EDGE Board Chairman. “The company serves the continental United States, Canada, and the United Kingdom, and we’re honored to have their global efforts centered around Memphis.”
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.