In Chattanooga this August, EDGE President and CEO Dr. Joann Massey joined development finance leaders from across the state for the Tennessee Economic Development Basic Finance Course, a program designed to strengthen knowledge of core financing tools that fuel local economic growth. The course, hosted in partnership with the Council of Development Finance Agencies (CDFA), offered economic development professionals the opportunity to learn practical strategies for deploying capital and supporting businesses in their communities.
Sharing EDGE’s story
During the session, Dr. Massey shared EDGE’s history and role in driving investment and opportunity across Memphis and Shelby County. From supporting major industrial expansions to revitalizing neighborhood corridors through the Small Business Loan Program, EDGE has leveraged innovative financing to create sustainable impact. Dr. Massey emphasized that true economic development requires a balance of large-scale projects and place-based investments that uplift small businesses and communities.
The development finance toolbox
One of the key themes of the course was the “toolbox approach” to development finance. Just as no two communities are the same, no single financing tool can address every challenge. By combining mechanisms such as revolving loan funds, mezzanine financing, and loan guarantee programs, agencies can respond flexibly to the diverse needs of businesses.
For example, EDGE’s Small Business Loan Program has provided more than $2.7 million in forgivable loans to over 120 businesses in local neighborhoods, sparking nearly $9 million in reinvestment.
At the same time, larger incentives, like the recent 15-year PILOT agreement that secured AAON, Inc.’s $238.5 million expansion and 828 new jobs, demonstrate how creative financing can scale impact across industries.
Access to capital as a growth driver
Dr. Massey also joined The Basics of Access to Capital panel alongside other leaders, digging deeper into strategies to close capital gaps. Small businesses often face barriers to traditional financing, from limited collateral to a lack of established credit history. Innovative solutions such as loan guarantees and seed funds can lower those barriers, making it possible for entrepreneurs to expand, hire, and thrive.
When access to capital is expanded, the benefits go beyond individual businesses. Stronger small business ecosystems fuel neighborhood revitalization, while larger-scale investments create jobs and generate new tax revenue. Together, these efforts position Memphis and Tennessee for inclusive, long-term growth.
Partnerships in action
EDGE’s participation in the Tennessee Economic Development Basic Finance Course demonstrates its ongoing commitment to sharing knowledge, building partnerships, and driving innovation in economic development. By collaborating with peers across the state, EDGE is helping to shape a financial ecosystem where communities of all sizes can succeed.
EDGE is leading the charge to ensure that businesses – from startups to global manufacturers – have the tools they need to grow.