Predevelopment incentives pilot grant program
The MMDC is pleased to announce a pilot grant program designed to attract new businesses to the Memphis Medical District and support the growth of existing businesses in the District.
Businesses interested in investing in existing retail space or new construction in the Memphis Medical District may apply for up to $5,000 to offset pre-development costs. Eligible activities include, but are not limited to:
- Conceptual Architectural Drawings
- Design Research
- Engineering Drawings
- Floor Plans
Eligibility & Guidelines
- Retail, dining establishments, and entrepreneurs seeking to open businesses with no more than 30 employees
- Projects within the Memphis Medical District boundaries
- Total project investment of at least $10,000
- Designs/project estimates must be completed or reviewed by a licensed professional
- Pre-development work must be completed within three months of receiving grant
- General information about applicant
- Description of project - What is the vision for the project? How will the project contribute to the vision of the Memphis Medical District?
- Business owner experience and background
final application and submission requirements
- $250 application fee for grant requests of <$2,500 (to be reimbursed upon receipt of an occupancy permit)
- $500 application fee for grant requests of $2,500 - $5,000 (to be reimbursed upon receipt of occupancy permit.)
- Project budget and timeline for completion
- Copy of the business plan attached to the grant application
- Existing financial statement and/or known source of project financing (optional)
Application review process
Prospective participants should submit a pre-application as early as possible. MMDC will review the pre-application and request completion of the full application. Full applications will be reviewed and applicants notified of the results within 15 business days following the submission.
MMDC will provide 50% of the grant amount upon presentation of an invoice or cost estimate. The remaining 50% of the grant amount will be disbursed once the grant funded work is completed. MMDC may request a showing of the work in progress at any time.
Applications are reviewed on a first-come first-served basis and are accepted until all program funds have been dispersed.