Exciting Initiative Launches to Propel Black-Owned Businesses in Memphis

Exciting News for Memphis: Initiative to Boost Black-owned Businesses

Memphis is buzzing with optimism as an organization dedicated to closing the racial income and wealth gap in U.S. cities has kicked off an impressive three-year initiative aimed at spurring growth for businesses owned by people of color throughout the Southeast, and yes, that includes our beloved Memphis!

Introducing the Breaking Barriers to Business (B3) Program

This initiative, known as Breaking Barriers to Business (B3), is making waves as it targets five major cities: Memphis, Atlanta, Charlotte, Miami, and Nashville. In Memphis, some exciting developments are taking place in the commercial corridors of Raleigh, Whitehaven, and Klondike-Smokey City.

Daniel Marshall, a senior associate for Living Cities, shared that while the work in Klondike-Smokey City is just getting started, significant progress has already been made in Raleigh and Whitehaven. Each of these communities will receive essential funding through partnerships to uplift local businesses.

Funding Support for Local Organizations

Thanks to Living Cities, Raleigh Community Development Corporation and RESPECT The Haven Community Development Corporation are set to each receive a whopping $75,000 for operational support over three years, plus an additional $50,000 grant for a specific project that will enhance their respective business corridors. This funding comes courtesy of a collaboration between Living Cities, the Truist Foundation, and Main Street America.

A Step towards Sustainable Growth

According to Marshall, while the funding may not seem extensive at first glance, it holds tremendous potential. “We hope this catalytic funding will enable organizations to attract additional matching funds from various sources like government entities, private companies, and philanthropic organizations,” he explained.

Living Cities isn’t in this alone; they are also collaborating with the City of Memphis Office of Business Diversity and Compliance, providing a total of $100,000 in catalytic capital. This support is designed to unlock the financial resources needed to build wealth in neighborhoods such as Klondike-Smokey City, Whitehaven, and Raleigh.

Community Leaders Advocate for Positive Change

Santiago Carrillo, an assistant director at Living Cities, emphasized the importance of community-led efforts in fostering business growth and job creation in areas that have faced disinvestment. “Our goal is to help strengthen the character of Memphis’ neighborhoods,” Carrillo said.

At the helm of this grassroots movement in Whitehaven is Jason Sharif, founder and executive director of RESPECT The Haven CDC. Sharif, a proud Whitehaven native, saw the struggles in his community upon returning home and decided to take action. His organization supports Black-owned businesses through initiatives like the RESPECT Black Business Initiative, a project that also connected them to Living Cities.

Strategizing for the Future

As RESPECT The Haven moves forward, they’re forming a “business council” made up of about ten Black-owned businesses. This council aims to brainstorm project ideas to utilize the $50,000 grant effectively. Sharif is optimistic: “The more funds we can infuse into these businesses, the fewer barriers they’ll face for long-term sustainability.”

The Historical Essence of Whitehaven

Whitehaven, with its rich history and landmarks like Graceland, boasts a diverse population of about 38,000, with an impressive 93% Black community. While the area has experienced a decline in retail options over the years, residents are determined to turn things around. “I describe Whitehaven as a tale of two cities,” Sharif noted, highlighting both the challenges and strengths of the neighborhood.

Exciting Developments in Raleigh

Meanwhile, in Raleigh, another strong community effort is underway. Ronald Meredith, the executive director for Raleigh CDC, shares a vision of economic growth supported by small family-owned businesses. “The heart of our community lies in these small businesses,” Meredith stated, envisioning new projects capable of assisting dozens of local enterprises.

With a significant developmental boom around Raleigh, including more banks setting up shop, Meredith believes the area is changing rapidly. Noteworthy projects like a new amphitheater at the Raleigh Springs Civic Center and plans for the first food truck park and farmers market are just a few examples of how the community is evolving.

Building a Bright Future Together

As we look ahead, the strong political backing and community determination promise a revitalized Memphis for everyone. “We’re excited about what’s to come,” Meredith exclaimed. “The aim is to empower these small businesses, foster job creation, and ultimately drive positive change across the entire community.”

Memphis is on the verge of a brighter future, and the energy of its residents and local leaders is undoubtedly going to make a significant impact. Here’s hoping for a thriving community that everyone can be proud of!