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Seedco in Memphis / Shelby County
Seedco’s work in Memphis and Shelby County has grown for more than ten years to incorporate some of our most successful programs.
Workforce
In early 2007, Seedco was selected by the Tennessee Department of Human Services to implement and manage a large scale workforce program to help thousands of Shelby County residents transition from public assistance to economic security. Working with multiple non-profits, employers and government partners, Seedco will replicate its national EarnFair Alliance program model. Partners in the Alliance work with clients to ensure they are work-ready, connect them to quality jobs with advancement opportunities and provide supportive services to ensure retention.
Benefits Access
Using a customized computer system and intense client support, EarnBenefits® connects low-wage workers to a range of income-enhancing benefits such as childcare, health insurance and savings-account options. Launched in Memphis/Shelby County in 2004 as Seedco’s second pilot site for the program, the EarnBenefits® network in Tennessee is a coalition of social service providers: Christ Community Health Centers, Memphis Area Community Solutions, Memphis Area Legal Services, Memphis Exchange Club, and Porter-Leath.
Economic Development
Our Community Entrepreneurs and Employers (CEE) initiative is predicated on the idea that by strengthening the small firms in a neighborhood, local entrepreneurs do well and local workers have more—and better—jobs available. As companies succeed, a multiplier effect generates more economic activity in the community. By integrating financial, technical and workforce assistance, we ensure growing small firms have access to a mix of solutions. In Memphis, Seedco is focused in South Downtown, with an interest in nearby neighborhoods such as Midtown, Frayser and Binghampton. Projects have ranged from workshops on topics such as tax credits and employee health insurance to technical assistance for local workforce groups.
Anchor Lending
Seedco’s community financing subsidiary, Seedco Financial, seeks out anchor lending opportunities that reinforce our economic development work in targeted neighborhoods. A $15.5 million loan by Seedco Financial has helped fund the construction of the new Memphis Westin Beale Hotel in South Downtown, and a $500,000 investment in the Memphis Business Opportunities Loan Fund will lend up to $100,000 to local small business owners in specified communities. Loans such as these include a covenant that requires local hiring for jobs.
Affordable Homeownership
Memphis Housing Services is comprised of a range of programs designed to increase homeownership opportunities for low- and moderate-income residents of Memphis and Shelby County. Through a network of service providers, residents can access services ranging from first-time homebuyer counseling, rental counseling, anti-predatory lending remediation, access to affordable housing stock as well as fairly priced mortgage products. Additionally, the Memphis Homeownership Development Loan Fund offers critical below-market financing to community development corporations and nonprofits, enabling them to finance affordable housing development.
Bringing together key partners
Seedco’s role is to bring together organizations dedicated to improving life for low-wage workers, and help these groups do their jobs better. For example, members of the EarnBenefits® network and affiliates in the Memphis Housing Counseling Network receive pass-through financial support and technical assistance in monitoring outcomes, management and information technology.
For more information call (901) 255-2955.
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