Innovative EDGE Impact Fund Promises to Create Much-Needed Jobs
Memphis and Shelby County have a powerful new tool designed to create jobs and improve the local economy. The EDGE Impact Fund, just approved by the Economic Development Growth Engine (EDGE) Board, will pump $500,000 into a new loan fund for expanding small and medium-sized businesses. Leverage will turn the initial capitalization into a pool of $3.0 million for loans available to businesses in underserved areas. NDC, through its Grow America Fund, will administer the EDGE Impact Fund and get good financing to expanding small businesses that are creating jobs. This is just the latest initiative in the City’s and NDC’s over two-decade partnership that has seen the design of programs and financing of projects that benefit the area’s low and moderate-income people.