In 2014, Memphis was ranked No. 10<\/u> by CNN Money. In 2015, it jumped up three spots to No. 7<\/a><\/u>.<\/p>\n This impressive rise shows how quickly the city is becoming a hub for entrepreneurs. Whether you\u2019re thinking about moving here or already live here and are considering starting your own business, let\u2019s take a look at why Memphis entrepreneurship is booming.<\/p>\n A lot of women are opening up businesses<\/a><\/u> in Memphis. in fact, the city witnessed a 116 percent increase in female-owned businesses between 2007 and 2012. One inspiring female business owner is Neely Draughon, who founded Off the Square Catering in 2008. Draughon was an accountant in Nashville when she decided to attend pastry school and start her own company here in Memphis, and the rest is history!<\/p>\n What\u2019s also fueling Memphis business growth is the uptick in black entrepreneurs opening up shop here. In 2018, Memphis was rated the best city for black-owned businesses<\/a><\/u> by Black Enterprise Magazine.<\/p>\n Indeed, minority-owned businesses of all kinds have flourished in Memphis in recent years. Here\u2019s a look at the numbers from between 2007 and 2012:<\/p>\n As with the growth in female entrepreneurship, several factors played a role in the rise of other types of minority-owned businesses in Memphis, including the establishment of programs specifically aimed at women and other minorities.<\/p>\n One of the biggest obstacles associated with starting a business is funding, and this is especially true for women and other minorities. To help, the Memphis-based nonprofit entrepreneurial organization Epicenter teamed up with Pathway Lending, a nonprofit community development financial institution, to launch the Memphis Small Business Opportunity Loan Fund<\/a><\/u>.<\/p>\n Currently, the fund is composed of a whopping $15 million and is backed by three local lenders. Its aim is to fund business owners who may not qualify for conventional bank loans, with loans of between $5,000 and $1 million available to both existing business owners and those looking to launch a startup.<\/p>\n It can be tough figuring out the best place to sow your seeds. At the end of the day, you want to pick somewhere you can live, work and play. You\u2019ll find an array of opportunities for all three here in Memphis, which is why it\u2019s consistently listed as one of the top cities in the U.S.<\/p>\n![\"\"](\"https:\/\/www.writeraccess.com\/upload\/1smuhzih61dkbE-Gf91sxZQd.jpeg\")
Memphis is a leader in female-owned business growth<\/h2>\nMemphis was voted the best city for black entrepreneurs<\/h2>\n
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Programs and funding are available to women and other minorities in Memphis<\/h2>\n
Starting a business (and a life) in Memphis<\/h2>\n