EDGE focuses on developing and fostering public/private partnerships to create jobs, grow the local economy, revitalize neighborhoods, attract investment, spark innovation, and encourage entrepreneurship.
Payment in Lieu of Taxes (PILOT) Incentive
A PILOT is a temporary, partial abatement of future real and/or personal property taxes that an applicant would otherwise have paid. In return, the applicant commits and contracts with local minority/women owned firms and small businesses to create or retain jobs with specified payroll and benefits; make the agreed upon investment; and contract with local minority/women/small firms. EDGE offers several PILOT programs designed for firms looking to expand or relocate in Memphis and Shelby County.
Tax Increment Financing (TIF)
A TIF reinvests part of the increase in real and personal property taxes paid on a single property or defined area to offset project related costs. TIFs can fund public improvements and public infrastructure. With state approval, TIFs can also help finance private-owned facilities.
Foreign Trade Zone (FTZ) 77
Foreign Trade Zones allow companies importing products or parts from other countries to delay, and in some cases, reduce or even eliminate the customers duties (taxes) that would otherwise be owed. Firms may also benefit from reduced administrative costs. FTZ-77 covers all of Shelby County. EDGE is the Zone Administrator.
Inner City Economic Development (ICED) Loans
The ICED Loan program is designed to spark revitalization of Memphis inner city neighborhood business districts through small forgivable loans to assist with signage, façade, and other building improvements.
Taxable and Tax-Exempt Industrial Revenue Bonds (IRB)
Tax-exempt industrial revenue bonds, also known as industrial development bonds, can provide low-cost financing for manufacturing projects. Interest earned by the bond buyers is exempt from federal income tax.
In conjunction with the Edward Lowe Foundation, the EDGE Economic Gardening program provides small businesses access to a network of highly skilled research specialists that provide approximately 36 hours of consulting services aimed at helping growing companies make better decisions and meet growth challenges. Firms must have at least seven employees, $700,000 of sales, and sell into regional/national/international markets to qualify.
SBA Emerging Leader
The Emerging Leaders program is a SBA-sponsored, seven month intensive, executive entrepreneurship education series that includes approximately 100 hours of classroom time per participant and provides the opportunity for small business owners to work with experienced mentors, attend workshops, and develop connections with their peers, city leaders, and financial communities.