In partnership with Community LIFT, a local community development intermediary, and River City Capital, its local Community Development Financial Institution, EDGE applied to the Kresge Foundation for a capital allocation through the Social Investment – Arts & Culture program. The team was selected to deploy up to $1 million through loans in Memphis’ Creative Corridors in the areas of Soulsville, Crosstown/Medical District/Edge District, South City, and Binghampton/Broad Avenue. Community LIFT/River City Capital has experience in these locations and is staffed for this type of activity. These organizations will be responsible for assessing applicants, awarding loans, and servicing the customers. EDGE will serve as the financial conduit for the funds and provide program oversite.
Financing will be available for mixed-use real estate development, small business capital, and multifamily housing development. “This loan is an opportunity to support the redevelopment of distressed commercial corridors through access to non-traditional funding,” said John Lawrence, Senior Economic Development Specialist.