In July 2024, U.S. Small Business Administration (SBA) Deputy Administrator Dilawar Syed came to Memphis to explore our vibrant small business ecosystem and raise awareness about federal resources available to local entrepreneurs. His visit underscored the importance of supporting underserved regions and connecting small business owners with critical SBA tools.
Tennessee hosts an SBA District Office and Memphis is home to a Small Business Development Center on East Shelby Drive – along with two satellite offices. Syed highlighted these assets to ensure that entrepreneurs are aware of the assistance available to them. 
The event was facilitated by Memphis Mayor Paul Young, the Office of Business Diversity & Compliance, EDGE, and the Greater Memphis Chamber, showcasing the city’s collaborative effort to bolster its small business community. EDGE Vice President of Operations Dr. Joann Massey noted that this collaborative spirit and robust support system is vital to the success of regional entrepreneurs.
Syed’s day in Memphis began with his participation in EDGE’s Small Business Incentive Advisory Council (SBIAC) meeting, followed by a tour of Crosstown Concourse, including Global Cafe, an international food hall that received SBA aid during the pandemic. The deputy administrator praised the transformation of the old Sears distribution center into a thriving community hub, spotlighting it as an example of successful urban revitalization.
The day continued with a stop at Riko’s Kickin Chicken, where Syed met with co-owner Tiffany Wiley. The restaurant opened in 2017 with the help of an Inner-City Economic Development (ICED) loan from EDGE and has managed to flourish despite the challenges posed by inflation and the economic impact of the pandemic. Wiley shared insights into the difficulties small business owners face, particularly with rising food costs and the need to balance affordability for customers.
Syed emphasized the SBA’s commitment to aiding small businesses throughout these challenges. He underscored the availability of resources designed to help them navigate inflation and other economic pressures. In fact, the administration has been working on reducing the impact of inflation and aims to provide timely support, ensuring they do not have to wait until they are in dire need of assistance.
A significant focus of the deputy administrator’s visit was promoting access to capital for small businesses. Last year, the SBA distributed $372 million in loans in Tennessee, with $39 million going to enterprises in Shelby County. Despite these substantial investments, there is a need to ensure that loans reach historically underserved communities. Access to capital remains one of the SBA’s most critical initiatives, and the agency is actively working with smaller lenders, such as community and regional banks, to streamline the process for applying for smaller loans. By making it easier for them to get what they need, the SBA aims to empower more entrepreneurs to start and grow their businesses.
This visit to Memphis highlighted the crucial role that federal resources play in supporting local entrepreneurs. By fostering awareness and collaboration, the SBA aims to equip small business owners and drive economic growth in disadvantaged areas. Federal investments coming into Tennessee, combined with talented and diverse entrepreneurs, presents a historic opportunity for economic development and growth.