Memphis is an ideal destination for setting up and running your business. The city has a lot of potentials to realize your goals and dreams. Due to this reason, countless businessmen and entrepreneurs choose Memphis for business growth. The impressive increase in the number of entrepreneurs has made the city popular as a “business hub”.
Whether you wish to move here or live here, you can consider your own business. Let us look at all the reasons that are making the Memphis entrepreneurship boom at such a fast pace.
A thriving place for female-owned businesses
Several female business entrepreneurs are setting up their businesses in Memphis city. In the period between 2007 & 2012, the city has witnessed an increase of 116 % in female-owned businesses. One of the significant hindrances that they have faced with beginning a business is “funding”.
This is true for women as well as for those who belong to the minority section. To assist them financially, there are various funding programs made available to them in Memphis. We Are Memphis is an organization that makes people aware of the business opportunities in Memphis. In this way it fosters business expansion in Memphis.
One of them is “The Epicenter”. It is a Memphis-based not for profit entrepreneurial organization. It has associated up with “Pathway Lending”, another not for profit financial institution to jointly launch the “Memphis Small Business Opportunity Loan Fund”. Presently, the fund has a whopping $15 million. It is also backed by 3 local lending companies.
The major objective behind this funding service is to provide financial assistance and stability to business owners who don’t qualify for traditional bank loans. The loan fund provides loan amounts ranging between $5,000 & $1 million to the newly launched startup businesses.
With the rise in the female entrepreneurship, in Memphis, the rise in the other kinds of minority-owned businesses has also considerably increased in Memphis. It includes the creation of programs that aims explicitly at women and other minority groups.
The best place for black entrepreneurs
Memphis is also seen to be an ideal place for black entrepreneurs. There is seen a rise in the number of black people opening up their stores in Memphis.
Due to this rise, Memphis was regarded as the best place for “black-owned businesses” in 2018 by Black Enterprise Magazine. Between 2007 & 2012, black-owned businesses have grown by 100 %, Hispanic-owned businesses have grown by 113 %, and Asian-owned businesses have grown by 23 %.
The ideal place to begin a business and personal life in Memphis
Most of the businesses that operate here state that the city is one of the best places in the world to live, play and work. If you are looking for a work-life balance, then Memphis is the best place. With plenty of work opportunities that are increasing at a consistent rate, there are maximum possibilities to become a successful entrepreneur in Memphis.
All these reasons make it evident why Memphis is viewed as one of the best places for business operations in the world. So, if you also have big business goals and want to pursue them, then it is suggested you consider Memphis.