At today’s EDGE Board meeting, funds to support small businesses that implement Crime Prevention Through Environmental Design (CPTED) were approved, following a request from the City of Memphis. The EDGE Board also met and approved two forgivable Inner City Economic Development (ICED) Loans built to spark revitalization in distressed neighborhoods.
The EDGE Board voted to provide up to $250,000.00 per year for four years to support small businesses implementing CPTED. The eligibility requirements for funds and the structure of the program will mirror EDGE’s ICED Loan program. Qualifying small businesses in high crime zones will apply and be selected to receive CPTED funds financed in the form of reimbursement grants or loans after a due diligence process is completed.
“As part of our commitment to fostering economic vitality and community safety, we are proud to partner with EDGE and introduce a groundbreaking initiative that combines economic empowerment with crime prevention,” said City of Memphis Mayor Paul Young. “By investing in this effort, we not only spur economic development but also create safer environments that empower residents and deter criminal activity. Together, we are reshaping the narrative of our neighborhoods, turning challenges into opportunities, and building a brighter future for all.”
The city is creating a multi-disciplinary approach to crime prevention that uses urban and architectural design and the management of built and natural environments. This strategy is internationally recognized for preventing and reducing crime.
“CPTED exemplifies our dedication to innovative solutions and underscores our belief in the transformative potential of empowering local businesses,” said Dr. Joann Massey, EDGE Vice President of Operations. “This initiative underscores our unwavering commitment to innovation, resilience, and the belief that every small business deserves the chance to thrive.”
The Economic Development Finance Committee also met and approved two ICED Loans. Through small forgivable loans of up to $25,000, the program has invested nearly $9 million in Memphis neighborhoods.
Tameka Talley-Edwards, owner of M.I.H. Hauling, a transportation and automotive company offering cost-effective repairs and towing services to the local community, received a $16,333 ICED Loan to help with a variety of building interior and streetscape improvements at 2490 Carnes Avenue. Projects include plumbing, roof repair, commercial gate installation, paint, window repair, and more.
Roosevelt Bonds also received a $24,200 ICED Loan to support facade and building interior improvements at Memphis Toast, located at 954 Jackson Avenue. A minority-owned restaurant in the heart of North Memphis, Memphis Toast prides itself on being an up-and-coming staple for breakfast and brunch. The restaurant will be a dine-in option for neighbors that is affordable, community-friendly, and modern. Funds will be used to support renovations to bathrooms, interior floors, and the bar area. More exterior signage will be added, too.