EDGE Board Approves Port Lease Extension and C-PACER Financing, Two Small Business Loans

The Economic Development Growth Engine (EDGE) Board on Wednesday approved two actions that support long-term economic growth, infrastructure investment, and community development across Memphis and Shelby County. The EDGE Economic Development Finance Committee also approved two Small Business Loans totaling $43,000.

The EDGE Board approved an amendment to the lease held by Enterprise Products Partners, L.P. at the Port of Memphis. This reinforces the Port’s role as a critical economic asset and supports continued industrial activity and investment along the Mississippi River.

A Commercial Property Assessed Clean Energy and Resiliency (C-PACER) financing request was also approved for McLean Partners LLC for up to $11.02 million. This will support the development of senior living communities at 34 McLean Boulevard and 35 and 51 South Barksdale Street in Memphis. C-PACER financing provides access to long-term, fixed-rate capital for energy efficiency, resiliency, and sustainability improvements in commercial properties.

“EDGE is committed to strengthening Shelby County’s economic foundation through strategic, community-centered investments,” said EDGE President and CEO Dr. Joann Massey. “Each incentive approved in today’s EDFC and EDGE board meetings builds a stronger, more competitive Shelby County economy. We are focused on providing resources that help businesses grow, create jobs, and improve quality of life across our region.”

The Economic Development Finance Committee also met and approved Small Business Loans for Destination Education Academy of Memphis, Inc. and Brilliant Minds Childhood Education Center. Through small forgivable loans, the program has invested more than $9 million in Memphis neighborhoods.

Jacolbie Hardy, owner of Destination Education Academy, was awarded a $25,000 Small Business Loan to go toward $60,000 worth of work that includes structural repairs, interior reconfiguration, painting, lighting upgrades, a new emergency entrance, and updated signage. These enhancements will improve the facility’s safety, functionality, and appearance at 4064 St. Elmo.

As the founder of Brilliant Minds Childcare Development Center, Dr. Irma Davis will use an $18,000 Small Business Loan toward work at 1019 Berclair Road that includes new signage, upgraded fencing and lighting, installation of gutters and downspouts, and refreshed landscaping. These funds allow the center to improve and upgrade its exterior while maintaining a safe, welcoming environment and keeping childcare affordable for families. It also supports hiring three additional local, part-time employees.