The EDGE (Economic Development Growth Engine) Finance Committee has approved two projects – Memphis Area Youth Association (MAYA) and Eggxactly Breakfast & Deli – for the Inner City Economic Development (ICED) Loan Program.
Approved ICED Loans now total 51 projects. The two latest loan projects are located in Whitehaven.
The ICED Loan Program’s purpose is to spark revitalization of Memphis inner-city neighborhood business districts through small forgivable loans used to assist with building improvements and business expansion.
“With these two projects, EDGE has awarded $1.2 million in funds to 51 projects in just four years,” said Natasha Donerson, Economic Development Finance Committee Chairperson.
“We’re pleased to see continued interest in the EDGE ICED Loan program, a vital tool to help small businesses fulfill their dreams while mitigating blight and invigorating neighborhoods. We are seeing a positive impact on Memphis through these projects.”
Memphis Area Youth Association (MAYA) is located at 5395 Elvis Presley Blvd. and is owned and operated by Regina Tappan.The organization offers cheerleading and dance instruction, along with athletics programs. Students are provided with academic and social mentoring programs, as well. More than 100 children participate in four dance teams, two cheer teams and a basketball program.
MAYA applied for assistance to help remodel the 6,800 square foot practice facility built in 1984. In addition to roof replacement and ceiling repair, the project will address façade improvements and exterior lighting installation. Supported by the Greater Whitehaven Economic Redevelopment Corporation, total qualified projects costs are estimated to be $37,700.
MAYA was approved for an EDGE ICED Loan not to exceed $20,000.
Wendell and Adrena Jackson own Eggxactly Breakfast & Deli, which is located at 1248 Marlin Rd. Eggxactly Breakfast & Deli applied for assistance to help improve the exterior appearance and complete interior renovations of the 1,632 square foot facility lconstructed in 1952.
Eggxactly will “combine an eclectic, southern-style atmosphere with excellent customer service and delicious, homemade food.” The restaurant will be open from early-morning breakfast hours through mid-afternoon for lunch.
The goal is to become “a neighborhood meeting spot by offering an inviting and community-friendly atmosphere.: The project is supported by the Greater Whitehaven Economic Redevelopment Corporation.Total qualified projects costs are estimated to be $33,509. Eggxactly Breakfast & Deli was approved for an EDGE ICED Loan not to exceed $20,000.
Created in 2011 to strengthen and streamline City and County economic development efforts, EDGE focuses on “developing and fostering public/private partnerships to create jobs, grow the local economy, revitalize neighborhoods, attract investment, and encourage entrepreneurship.”
