Shelby County Emergency Financial Assistance Programs

Program Name / Max Amount Program Details & Approved Uses Eligible Industries How to Apply

Small Business Administration Economic Injury Disaster Loan

Unsecured Loan: Up to $25,000 (first $10,000 is a grant).

Secured Loan: up to $2 million.

Can be used for working capital to pay debt, vendors, payroll and disaster related obligations.

Interest rates: 2.75% for non-profits; 3.75% for all others.

A small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profits or 501(c)(19) veterans organizations affected by COVID-19. Other businesses may be eligible, see SBA guidelines here.

Eligible businesses include retailers, restaurants, recreational and tourism-based, manufacturers, rental property landlords, hotels, wholesalers, agriculture cooperatives and aquaculture enterprises.

Online: https://covid19relief.sba.gov/#/.

SBA will make direct contact with applicants.

Previous Applicants: Previously submitted applications for the EIDL are still being processed by the SBA on a first come, first serve basis. There is no need to reapply.

Business that are interested in starting the repayment process before their 12-month window ends can sign up for an account on www.pay.gov.

City of Memphis Micro Loan Fund Economic Hardship Emergency Loan

Loans range from $2,000 up to $5,000.

For emergency working capital for expenses such as business rent or mortgage payments, payroll, supplier and vendor payments, insurance and utilities.

No interest due on loans for 6 months.

Borrower's primary residence & business must in the City of Memphis; have $1 million or less in revenue, operating for 3 years; and be certified with the City of Memphis Office of Diversity and Compliance (OBDC).

All for-profit industries, except non-profit, government, religious or retail are eligible.

Apply by phone: 901-636-9300

Apply by email: jerry.brack@memphistn.gov

*Must complete web-based counseling to qualify. Details on available sessions will be made to each applicant.

City of Memphis Micro Loan Fund, Small Business Resiliency Loan Fund

Loans range from $5,000 up to $35,000.

Can be used as essential working capital for expenses such as business rent or mortgage payments, payroll, supplier and vendor payments, insurance and utilities, equipment purchases and construction.

Delayed payments for 3 months.

Borrower's primary residence & business must be in the City of Memphis, have $1 million or less in revenue, operating for 3 years, and be certified with the City of Memphis Office of Diversity and Compliance (OBDC).

All for-profit industries, except non-profit, government, religious or retail are eligible.

Apply by phone: 901-636-9300

Apply by email: jerry.brack@memphistn.gov

*Must complete web-based counseling to qualify. Details on available sessions will be made to each applicant.

Memphis Medical District Collaborative Small Business Remobilization Fund

Up to 30% of funding COVID-19 funding assistance already awarded up to $10,000.

Funds can used to pay for operating capital, insurance, utilities, payroll, inventory, furniture, fixtures, equipment, debt refinance, marketing and retrofitting to accommodate social distancing. Applications must include explanation intended use of funds.

- Be located within the Memphis Medical District's boundaries.

- Business must provide goods and services for the residents, employees, and students in the Medical District

- Business must have been awarded COVID-19 emergency support dollars from a CDFI or other agency.

Ineligible businesses include payday lenders; liquor and tobacco stores; pawn shops; weapons dealers or shops; adult entertainment; passive real estate investors and home-based businesses.

Apply Online

Loan details can be found > here

EDGE NEED Grant

Businesses still open with a plan for 90 days of continuous operation can qualify for up to $10,000.

Temporarily closed businesses with a plan to reopen within 90 days, can qualify for $5,000.

Can be used for working capital costs such as rent or mortgage payments, supplier and vendor payments, insurance and utility bills, and payroll.

Business must remain operational for three years after grant award to maintain forgivable status.

- Business must have at least 25% revenue losses because of the virus

- Less than $1 million in annual revenues

- Located in a distressed area

- Must be a commercial enterprise located in the South City neighborhood (map), and

Current on City & County property taxes.

Ineligible industries include liquor and tobacco stores; adult entertainment; pawnshops, payday and title loans; car dealers, ministorage, gas stations, lending institutions; real estate development or rental; insurance; private clubs; non-profits including religious entities; home-based businesses and governments.

All others are at the discretion of the Economic Development Finance Committee.

Click here for the application

Email completed application to: need@growth-engine.org

Questions: Please email need@growth-engine.org or call 901-341-2100

*Must complete web-based counseling to qualify. Details on available sessions will be made to each applicant.

Pathway Lending Restart Loan Program

Up to $25,000 at 4% fixed interest rate for 66 months, with no origination fees or prepayment penalty. Delayed payments for up to 6 months.

Covers operating expenses including inventory, working capital, payroll and other mobilization expenses. Closing costs can be paid from proceeds.

A restart plan outlining how they will spend the funds is required. Pathway will provide assistance with plan creation.

Must be a small, minority- and women-owned business operating in Shelby County.

Ineligible businesses include those 33% or more of their revenue from gambling; alcohol, tobacco and firearm retailers; financial institutions; non-profits; governments; check cashing and bail bondsman; adult entertainment and those primarily engaged in lobbying and political activities.

Call Travis Hughes at 888-533-7284

Visit www.pathwaylending.org

Pathway Lending Restart Loan Program – Medical District Collaborative

Up to $25,000 at 4% fixed interest rate for 66 months, with no origination fees or prepayment penalty. Delayed payments for up to 6 months.

Covers operating expenses including inventory, working capital, payroll and other mobilization expenses. Closing costs can be paid from proceeds.

A restart plan outlining how they will spend the funds is required. Pathway will provide assistance with plan creation.

May be used in addition to other Medical District Collaborative funding.

Must be a small business operating in the Medical District Collaborative’s footprint. See the map here

Ineligible businesses include those who earn 33% or more of their revenues from legal gambling; alcohol, tobacco and firearm retailers; financial institutions; non-profits; governments; check cashing and bail bondsman; adult entertainment and those primarily engaged in lobbying and political activities.

Call Travis Hughes at 888-533-7284

Visit www.pathwaylending.org

GoFundMe Small Business Relief Program

Up to $500 matching grant for small businesses who created and solicit donations through a GoFundMe account.

Funds can be used to either help care for its employees/workers or pay ongoing business expenses.

Only one grant per business.

Businesses are eligible if:

Have been negatively impacted by mandates related to the COVID-19 pandemic;

They are independently owned and operated;

Are not nationally dominant within their industry

Can raise at least $500 for the business through a GoFundMe fundraiser started because of the COVID-19 pandemic; and

There are no fraud reports made against it.

Ineligible businesses include franchises, chain, large company and any other business prohibited in GoFundMe’s Terms of Service

Steps to Apply:

-Make sure you add the hashtag #SmallBusinessRelief to your fundraiser story

-Fill out this form to confirm your small business

-Raise $500 from your friends, families, and other connections

See the Program’s FAQs herehttps://www.gofundme.com/terms

Community LIFT Recovery Loan

Up to $12,000 in funds, 60% forgivable

- Existing business owners in Memphis and Shelby County

- Aspiring business owners with plans to open in Memphis and Shelby County

- Community Development Corporations in Memphis

- Charter Schools in Memphis

Apply Online

Greater Memphis Workforce Development Board Training Grants

Funds can be used to reimburse training costs for:

Instructors'/trainers' salaries (up to $50/hour)

Curriculum development

Textbooks and manuals

Materials and supplies

Tuition expenses (tuition defined as being provided by an institution regulated by the Tennessee Higher Education Commission)

Must be located in Shelby, Fayette, Lauderdale or Tipton counties in Tennessee

Be registered as a Tennessee for-profit business or other not-for-profit (not all qualify, evaluated case by case)

In operation at least one (1) year

Employ at least five full-time employees

Operation must be an in-demand, in-balance or declining industry that can justify nee

Current on all local, state, and federal tax obligations

Must be a financially viable

Must not appear on any federal suspensions or debarment list

Apply online here.

Downtown Business Continuity Grant

Up to $2,500 grants for small, locally-owned, eligible businesses, with a preference for ground-floor businesses operating continuously within the Central Business Improvement District.

Funds can be used for operational expenses, like rent or utilities; payroll; and buying merchandise, goods and/or products.

Must be able to demonstrate ability to use the funds to keep their business open.

Must offer products/services and conduct business in a manner consistent with the Downtown Retail Strategy.

Must occupy first-floor space and have an active street presence.

Must maintain regular business hours and generate most of its revenue by maintaining in-stock merchandise that is available for purchase, or offering services for walk-in customers.

Must be properly licensed and permitted.

Franchise businesses and independent contractors are not eligible at this time.

Apply here.

Small Business Covid-19 Care Grants

$20,000 grants to support small business operations.

Small businesses located in Memphis that have seen a reduction in revenue as a result of COVID-19

Click here to apply.

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