Looking for resources to help you start and grow a successful business venture? Well, the City of Memphis provides a supportive environment to enable women-owned businesses to thrive. Did you know that there are businesses in Memphis that started small and with time, managed to grow bigger? That is also partly because of their customers who have remained loyal to their products and services from the start. The City of Memphis welcomes new female entrepreneurs every day and helps them reach their maximum potential by providing the tools they need to achieve success. Want to find out more? Why don’t you keep reading this article for business opportunities, benefits, and grants for Women in the City of Memphis?
Small Business Stabilization Grant Program
The City of Memphis Small Business Stabilization Grant program is designed to provide economic relief to women-owned small businesses who are undergoing substantial economic injury. The program funds can be used to settle for costs of property damages in the course of business interruption. The women business owners can also use the funds in the recovery process and as working capital. How much assistance can you receive from the program? The grant ranges from $10,000 to $25,000. Visit https://www.memphisbdc.org/grants/ for more details about the program.
Sources of Business Funding in the City of Memphis
We both know that capital makes your work easier when starting a new business and the City of Memphis has a lot of options for your business financing. They include:
Community Unlimited. This is a non-profit organization designed to provide support to women-owned businesses. The organization offers an SBA microloan ranging from $5,000 to $15,000. To apply for this loan, you don’t need to have a business plan in place or a tax return to qualify. That makes it an ideal funding opportunity for female entrepreneurs planning to turn their business ideas into successful ventures. visithttps://www.communitiesu.org/ for more details.
Tennessee Valley Authority (TVA). The TVA runs the Business Incubator Tenant Loan Fund program, which ensures that businesses maintain the desired cashflow. The fund program provides loans to women owning new businesses to ensure they meet their cash flow and operating expenses needs. How much loan can you get? Once you qualify for the fund program support, you may receive up to $25,0000. To be eligible for these loans, your business must be situated in one of the 24 TVA business incubator areas. That also gives you opportunities to have access to shared equipment and space to carry out your business operations. Visit https://www.tva.com/Economic-Development for more details.
The City of Memphis Contract Assistance Program. If your goal is to launch a business idea in a city, then Memphis can be a great option for you. do you know why? because the City of Memphis is committed to promoting and facilitating small business growth through training, funding, and contracting opportunities to help you achieve success in your endeavors. The City of Memphis Contractors Assistance Program provides short-term funding to women-owned businesses. The funds usually range from $15,000 to $250,000 for startups and expansion purposes. Find out more at http://www.memphistn.gov/portals/0/pdf_forms/CAP_QA.pdf.
Where Can You Get Business Advice in the City of Memphis?
There are programs and organizations to help women business owners with the advice they need to help them achieve their goals:
Start Co. The purpose of this organization is to offer expertise, tools, resources, and connections to help women-owned enterprises thrive. The organization strives to help turn business ideas into successful ventures and female founders into successful entrepreneurs that promote economic growth in the City of Memphis. Read more at http://neverstop.co/.
Black Business Association of Memphis. The BBA supports women-owned businesses by offering the resources, including training, technical support, and networking opportunities to help them achieve their business goals. find out more at http://www.bbamemphis.com/.
City of Memphis Renaissance Business Center. The business center is committed to providing women-owned small businesses through seminars that rains on business plan development, accounting, bookkeeping, and financing. Read more about the City of Memphis Renaissance Business Center at http://www.memphistn.gov/Business/Business-Development-Center.
Memphis SCORE. The Memphis Service Corps of Retired Executives (SCORES) is a mentoring program that is designed to connect female entrepreneurs with other successful professionals to help sharpen their skills and experience in the business. Find out more at https://memphis.score.org/.
Memphis Chamber
The Memphis Chamber of Commerce provides support to small businesses owned by women through training, infrastructure improvements, and funding. Memphis works to ensure that your business gets access to the incentives you need to help you build and expand your business operations. The chamber can help you identify the available business opportunities and explore the options to meet your needs. The chamber provides training and workforce development services to help female entrepreneurs maintain quality staff in their businesses. The Chambers funding helps your business move forward and grow. Visit https://memphischamber.com/select-memphis/incentives/financing-incentives/ to find the Chamber’s funding incentives. For more details about the Memphis Chamber, please visit https://memphischamber.com/select-memphis/incentives/.
Economic Development Growth Engine (EDGE) for the City of Memphis
EDGE is committed to developing both public and private partnerships that are designed to generate employment opportunities, attract investment in the City, and promote the spirit of female entrepreneurship. Some of the EDGE programs include;
Inner City Economic Development (ICED) Loans. The ICED loan program provides funding opportunities to women-owned businesses through forgivable loans to help them make improvements in the enterprises. Visit http://www.growth-engine.org/business-assistance/tax-incentives/inner-city-economic-development-iced-loans/ for more.
Taxable and Tax-Exempt Industrial Revenue Bonds (IRB). IRB provides funding to female manufacturers to help them carry out their operations smoothly. visit http://www.growth-engine.org/business-assistance/tax-incentives/taxable-and-tax-exempt-industrial-revenue-bonds-irb/ to read more about the program.
Small Business Administration Emerging Leaders. This program provides a seven-month entrepreneurial education to women interested in starting successful business ventures. That gives business women the chance to get to meet other experts, peers, and city leaders through workshops, seminars, and other special events designed to improve their connections to such influential people. Visit https://www.sba.gov/about-sba/organization/sba-initiatives for more details about the program.
The City of Memphis Entrepreneurs Network Center
We both know how competitive the marketplace is. That is why there is a need for businesswomen and entrepreneurs to develop skills and expertise to be able to compete and successfully plan for the future of their businesses. The City of Memphis ENC is committed to making this happen through training, counseling, and the necessary information to support their growth and success. Visit https://www.memphistn.gov/business/entrepreneurs-network-center/ for more details.