MEMPHIS, Tenn. — The Memphis and Shelby County Economic Development Growth Engine recently approved $1 million to support businesses looking to improve security. WREG analyzes which companies are eligible for funding.
Group break-ins, robberies, and aggravated assaults are just some of the problems plaguing Memphis city leaders.
At least seven businesses were targeted by thieves in Mount Moria last weekend. Memphis police said the suspects broke windows and stole numerous items, including laptops, televisions and other electronic equipment.
Bullets peppered the parking lot outside the American Deli on East Shelby Drive Wednesday morning. Two people were injured and the business is now left to deal with the remaining damage.
Small business owners can end up spending thousands of dollars on repairs and security upgrades. However, some businesses in need of financial assistance may be eligible for assistance.
At the request of the City of Memphis, the Memphis and Shelby County Economic Development Growth Engine, also known as EDGE, approved funding for a new initiative to help businesses curb crime.
“With Mayor Young’s leadership, we have a very clear vision of what we want to do, and that is to support small businesses in high-crime areas,” said Dr. Joanne Massey, EDGE Vice President of Operations .
The board voted to provide up to $250,000 a year for four years to support small businesses through an initiative called “Crime Prevention Through Environmental Design.”
Internationally, this strategy is known as a multidisciplinary approach to crime prevention, using urban and architectural design and management of the built and natural environment.
Eligible small businesses in high-crime areas will receive funding in the form of reimbursement grants and loans. EDGE said the program will be similar to the ICED loan program, which provides loans of up to $25,000 to businesses looking to improve building facades and streetscapes.
“The CPTED Initiative will work with the Memphis Police Department to provide analysis to businesses on what they can do to make their neighborhoods safer,” Massey said.
She said the analysis could include safety recommendations for lighting, parking and interior and exterior changes.
She said businesses can receive up to $25,000 in funding, and if improvements are made after three years, the loans will be forgiven and the businesses can still thrive.
“The power of the money comes from the large corporations that receive the pilots. They have to pay what’s called a downtown economic development fee,” Massey said.
At this time, there is no word on when the program will officially launch.
