MEMPHIS, Tenn. (WMC) – Memphis leaders gathered Wednesday to review and discuss research centered around promoting and increasing resources for Black-owned businesses in the Memphis area.
The study, spearheaded by Heartland Foundation, is supported by StartCo, Christian Brothers University, Black Business Association of Memphis, The Greater Memphis Chamber of Commerce, Downtown Memphis Commission and the City of Memphis.
Wednesday’s presentation came after a year of research, focus groups and one-on-one interactions with black business owners in Memphis and the Heartland Foundation.
Representatives from the foundation said their research found that out of 46% of black adults living in Memphis, just 7% of employer firms across the city are black-owned.
A project to increase this number, called the 800 Initiative, was designed to increase that number.
“The 800 initiative has been hugely successful, especially pre-pandemic,” explained Memphis Mayor Jim Strickland. “But it’s also helped these companies thrive and grow through the pandemic. What I’m excited about is this report because I have a feeling that it’s going to map out how we do even better.”
Strickland praised Memphis Mayor-Elect Paul Young and his ability to continue this upward trend.
“Memphis was recently announced to be the largest African-American city in this country,” Young explained. “The highest number of African-Americans per capita than any city in the nation. And we know what that connotation often means. We want to change that narrative. It doensn’t mean that we’re a crime-ridden city. It’s mean that we’re a thriving city.”
The Heartland Foundation’s full report can be read here.
Click here to sign up for our newsletter!
Click here to report a spelling or grammar error. Please include the headline.
Copyright 2023 WMC. All rights reserved.