MEMPHIS, Tenn. — Businesses in the downtown area are starting to see help from local leaders.
The Downtown Memphis Commission has started to approve loans for businesses during the coronavirus pandemic.
“What we realized was, they were going to need a little bit of a lifeline, even if they were able to apply for some of the federal programs,” Jennifer Oswalt, president of the Downtown Memphis Commission, said. “There was going to be a period of time where we needed to help them get through that.”
The loans are as large as $20,000, and eight businesses downtown have been approved so far.
“It’s just been very, very hard just trying to make it because I don’t want to close,” owner of Alcenia’s restaurant B.J. Tamayo said.
If the business is able to stay open for two years, the loans are absorbed.
Business owners said this is a blessing, as it is difficult to get some federal funding.
“I had even applied for the other loan, and I have not heard anything, but it didn’t take them a little less than a week,” Tamayo said.
The money for the loans is being taken from a cumulative investment fund downtown businesses contribute to when they open.
“I think the criteria was adjusted in the feedback that we were getting from so many businesses that can’t get through to the SBA,” Mayor Jim Strickland said.
The fund is essentially Memphians helping Memphians, as health officials continue to fight the pandemic.
“I am very optimistic that together, we can all get there with most of our downtown intact,” Oswalt said.
The Downtown Memphis Commission plans to meet frequently and continue to approve grants for businesses in need.
