New initiative launched to help inner city businesses - WMC Action News 5 - Memphis, Tennessee

Reported by Ben Watson

New initiative launched to help inner city businesses

Help is on the way for inner city businesses in Memphis.

A new initiative is being launched called SBA Emerging 200. 

The goal is to identify and help 200 inner city business in Memphis and across the country that show a high potential for growth.

At a news conference, The Federal Small Business Association organizers said the business selected will get marketing, financial, and other advice designed to help businesses develop and grow.

U.S. Small Business Administrator Steven Preston said helping inner city businesses succeed will cause a ripple effect of growth through the community.

"One of the best things we can do for the inner cities of our country is to help entrepreneurs locate there dwell create jobs, create opportunity and bring investment," Preston said.

Memphis Mayor Willie Herenton and Shelby County Mayor A.C. Wharton were on hand to voice their support for the program.

S.B.A. officials said in the coming months they will hold town hall meeting to help select the 20 Memphis businesses that will be allowed into the program.

To qualify you have to have been in business three years and be doing about $400,000 in sales.

Click here to e-mail Ben Watson.

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