Like the title says, black-owned businesses in Memphis take in less than 1% of all revenue. Mayor Jim Strickland is looking to change that trend with by introducing a new program aimed at “increasing the capacity and engagement of Memphis’ small business community.” The program will accept minority and women owned firms making at least $400,000 and introduce them to federal contacts as well as technology experts to help boost their profile.
In addition, the “SBA also signed a strategic alliance memorandum with the city’s office of Business Diversity and Compliance. The memorandum ensures that the SBA will designate a full-time coordinator at Memphis’ Renaissance Business Center within the year.” The purpose is to increase economic development for a city that is over 60% black. Small business growth and innovation is key to the city’s success and it looks like connecting with various programs will help in this endeavor.