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EDGE, TSBDC partner to help small businesses obtain economic development loans

By Diana Fedinec

Tennessee Small Business Development CenterThe Tennessee Small Business Development Center at Southwest Tennessee Community College is partnering with the Economic Development Growth Engine to provide assistance to small businesses completing the Inner City Economic Development Loan Application.. The partnership is part of an ongoing relief effort to help businesses get the vital resources and funding they need to survive the Coronavirus pandemic.

The ICED program grants small, three-year, forgivable loans of up to $25,000 to assist with façade and other building improvements to businesses in inner city neighborhoods.  TSBDC will help applicants apply for these grants and identify resources and strategies for future growth. The ICED partnership is similar to the current partnership that exists with TSBDC for Neighborhood Emergency Economic Development Grant applicants.

“TSBDC is glad to partner with EDGE to aid businesses in our undeserved communities,” TSBDC Executive Director Rory Thomas said. “These business owners are critically important to their communities and providing them with additional resources and support can really make a difference during this time.” 

EDGE Senior Economic Development Specialist John Lawrence recognizes the important, collaborative role TSBDC has played in supporting small business owners during this unprecedented time. “Our experience with TSBDC and our NEED Grant applicants have been great," said Lawrence. "They have really helped these businesses create solid recovery plans and even expand their businesses and reach new customers in some cases. As Memphis & Shelby County’s economic development agency, it is important that we serve all of our existing businesses at different stages of their growth cycle."

As part of the ICED Loan application, businesses must:

  1. have registered for advising with TSBDC;
  2. received an initial assessment from the TSBDC; and
  3. scheduled a follow-up counseling session for no more than 45 days after initial assessment.

TSBDC staff is available to provide assistance via phone, email and numerous online video conferencing platforms. To register for free one-on-one advising, visit www.tsbdc.org/swtcc or call 901-444-5085.

Listen to Thomas discuss the second round of Federal COVID-19 relief funding for small businesses on MLGW’s Power Up with host Gale Jones Carson, Vice President of Community and External Affairs for MLGW. You can catch the live stream of the Feb. 18 show on MLGW’s Facebook page at @MLGW1 or on the MLGW You Tube channel at https://www.youtube.com/user/MLGWWaysToSave.

For more information about the ICED loan and NEED grant, contact EDGE at 901-340-2100 or email info@growth-engine.org.