Memphis, Tenn. (May 29, 2020) – Memphis is a creative city with a music scene known all over the world. But over the last two months, musicians and related businesses here have been hit hard by the COVID-19 shutdown. That is evident in EDGE’s latest round of NEED Grant approvals. Three of the 12 applicants are music-related businesses.
“We were experiencing an upswing in bookings leading up to the shutdown,” said Memphis Magnetic Recording Company owner, Scott McEwen.
Memphis Magnetic Recording Company is a recording studio on Vance Avenue. The owners received an ICED Loan from EDGE in 2017 when they moved from Nashville to start a recording company here in Memphis. They were seeing growth until the shutdown changed everything.
“In the month since the shutdown, we have had two significant cancellations and as of today, our calendar is completely open and we are usually booked two months out or more, said McEwen. “Our clients are musicians and they have been severely impacted by the shutdown. They have no money coming in, no way to support themselves, and have to cancel any studio time with us.”
Electrophonic Recording, Emmy-winning and Grammy-nominated producer, Scott Bomar’s recording studio, and Hi-Tone Cafe, a music venue in North Cleveland were also approved for NEED Grants today. Hi-Tone owner Brian McCabe said, “the pandemic has affected the business in ways he never imagined.” The Committee approved grants for Memphis Records and Goner Records earlier this month.
Also approved for NEED Grant funds today were:
- Milton’s Classic Cuts
- Sherika Fitness
- Atena Nails
- Mobile Drug Testing
- Broad Strokes LLC
- Angel Beauty Supply
- ORCA Printing
- Ali Taghavi Master Weaver Oriental Rugs
- Society Skate Park and Coffee Inc.
In all, the EDGE Finance Committee awarded $59,000 to 12 businesses today. To date, the Committee has awarded $238,000 to 44 businesses throughout Memphis’s most vulnerable neighborhoods.MWBEs comprise 34 of those businesses. This is money that will help them keep their doors open and keep employees on the payroll.
The Neighborhood Emergency Economic Development (NEED) Grant was created to provide relief to small businesses, located in Memphis’ most vulnerable neighborhoods that have been affected by the COVID-19 outbreak.