EDGE will host the second annual Inner City Economic Development (ICED) Loan Expo on Thursday, June 27. This year marks the 10th anniversary of the program. Since it’s inception, more than 100 businesses have received $2 million in program funds.
ICED Loans designed to spark revitalization of Memphis inner city neighborhood business districts through three-year, forgivable loans of up to $25,000 to assist with façade and other permanent building improvements. Since 2014, the initiative has assisted small businesses that have invested approximately $9 million into the communities they serve and created nearly 600 jobs. Attendees will have the opportunity to meet ICED Loan participants and learn how the program spurred their success.
- WHAT: ICED Loan Expo
- WHEN: Thursday, June 27, 2023, 11:00 a.m. to 1:00 p.m.
- WHERE: Renasant Convention Center, Rooms RF1-3 (255 N Main St, Memphis, TN 38103)
Prior recipients of ICED Loans span a variety of industries, including retail, corporate, manufacturing, and transportation. Representatives from several businesses will be on-site conducting demonstrations, answering questions, and showcasing their products.
Future applicants will need to be aware of the program’s specific criteria. Eligible businesses include neighborhood serving small businesses with revenue less than $750,000 that are located in a New Market Tax Credit census tract. Businesses must have a three year lease or own the building, and funds must be used primarily for building façade improvements and streetscape improvements. Interior improvements and building expansions may also be eligible, and EDGE will fund two-thirds of the project up to $25,000.
Those who believe they may not be eligible for the ICED loan program are still encouraged to attend the expo. EDGE partners such as Black Business Association, River City Capital, and others will be present for discussion of additional funding and community development opportunities.
Funding for the ICED Loan program is generated through special City of Memphis and Shelby County Payment-In-Lieu-of-Tax (PILOT) personal property fees. Projects are approved by the EDGE Economic Development Finance Committee. To learn more about the program, call (901) 341-2100.