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River City Capital Loan Fund

Summary

In 2017, EDGE was awarded a $1,000,000 loan from an organization known as the Kresge Foundation. The loan’s purpose is to provide support for through the development of mixed-use real estate, small businesses, and multi-family housing. Funds are used to specifically benefit four Memphis neighborhoods including Soulsville USA, South City, Binghampton and Broad Avenue, and Crosstown, the Medical District and The Edge Neighborhood.

The loan was given to EDGE through the Kresge Foundation’s Social Investment Practice and is managed locally by River City Capital.

The Kresge Foundation is a private, national foundation that works to expand opportunities in America’s cities through grantmaking and social investing in arts and culture, education, environment, health, human services and community development, nationally and in Memphis, Detroit and New Orleans. In collaboration with its partners, the Foundation creates pathways for people with low incomes to improve their life circumstances and join the economic mainstream.

River City Capital is a Community Development Financial Institution (CDFI). It is a mission-driven nonprofit financial organization that provides loans and services to entrepreneurs and businesses in communities that are underserved by traditional banks. River City Capital strategically provides loans to businesses that operate within Memphis and Shelby County. It also provides loans to community development corporations and charter schools city-wide.

Since its inception, the following Memphis businesses have been approved for loans from the fund:

Medical District
- Alcenia’s Restaurant
- Warehouse Studios
- Derrick Craig Real Estate

Crosstown
- Slice of Soul Pizza

The Edge
- Shab Chic Marketplace

Soulsville
- Al’s Tasty Burger
- Kemet Nu Enterprises

South City
- Makeda’s Cookies

Broad Avenue
- The Liquor Store Restaurant

Binghampton
- Green Goddess Vegan Gourmet


As of December 2021, the dispersal process for loan funds is still underway. If you would like to apply, please reach out to River City Capital at (901) 521-4232.

Financing Amount:

$1,000,000

Projected Total Jobs:

Not applicable

Total Investment:

Not applicable

Approved

11/15/2017

River City Capital Loan Fund

119 South Court, Suite 100 Memphis, TN 38103