Small Businesses

Local Resources

City of Memphis

Assistance for small businesses to complete local, state or federal applications for relief:

The Office of Business Diversity & Compliance in partnership with TSBDC – Southwest has professionals on staff to assist small business owners with completing any federal application for disaster relief funds and compiling the necessary documents for submission. These Business Navigators are trained to help answer questions and guide small business owners to resources and services.

Any Small businesses can contact:

OBDC by phone at 901-636-9300 or 901-636-6210 during regular business hours or by email at bdcinfo@memphistn.gov or Joann Massey at  joann.massey@memphistn.gov 24/7 for assistance.

TSBDC can be reached online at TSBDC.org or by email at swtcc@tsbdc.org or email Tammy Partee at tpartee@tsbdc.org; if they cannot get to a computer they may call 901-333-5085


City of Memphis Micro-Loan Program

These micro-loan programs will assist Memphis businesses experiencing hardships during the COVID-19 pandemic. There are no fees to apply.

Economic Hardship Emergency Loan Fund 

Loan opens April 14,2020

Open to all for-profit industries except, non-profit, government, religious or retail.

Criteria:

  • Loan amount range $2,000-$5,000, with no interest for 6 months
  • Primary Residence & Business located within City of Memphis
  • Less than 1 million in revenue
  • At least 3 years in business
  • Must be certified with the City of Memphis Office of Business Diversity and Compliance (OBDC)
  • Must complete a one-on-one consultation with an OBDC Business Navigator

Small Business Resiliency Loan Fund

Loans open early May

Must follow the HUD guidelines for compliance with small business lending.

Criteria:

  • Must be denied by the SBA or an SBA Lender (proof required)
  • Loan amount range $5,000-$35,000, with a delay repayment for 90 days
  • Primary Business located within City of Memphis distressed communities
  • At least 3 years in business
  • Must be certified w/the City of Memphis OBDC
  • Must complete a one-on-one consultation with an OBDC Business Navigator and participate in ongoing financial literacy training through OBDC at least 1 class a year for the life of the loan

To Get Started Contact:

Office of Business Diversity & Compliance – by phone at 901-636-9300

Email Jerry Brack, Loan Administrator at jerry.brack@memphisttn.gov


Neighborhood Emergency Economic Development (NEED)

For businesses that are open or temporarily closed due to the COVID-19 pandemic. Grant awards are subject to approval by the EDGE Board of Directors.

Criteria:

  • Loan amount range $5,000 and $10,000 
  • Less than 1 million in revenue
  • 25 percent or greater reduction in revenue and have a survival and recovery plan
  • Located in New Market Tax Credit Qualified Census Tracts
  • SWMBE certification not required.
  • Business must have opened before March 1, 2019

For more information, visit www.growth-engine.org, email NEED@growth-engine.org or call 901-341-2100.


Greater Memphis Chamber Resources


Business Support Resources for Entrepreneurs Affected by the COVID-19 Pandemic

https://www.epicentermemphis.org/covid-19-business-resources

The Community Foundation of Greater Memphis Mid-South COVID-19 Regional Response Fund

https://www.cfgm.org/give-now/covid-19-regional-response-fund/

National Resources

U.S. SBA Disaster Assistance in Response to the Coronavirus

Facebook Grant Program

Facebook has a $100 million grant program for small businesses. Applications aren’t open yet, but the company says this will include both ad credits and cash grants that can be spent on operational costs like paying workers and paying rent. It will be available to up to 30,000 businesses in the 30-plus countries where Facebook operates.

https://www.facebook.com/business/boost/grants