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BDC helps Whitehaven daycare expand
BDC helps Whitehaven daycare expand
Posted on 01/03/2019
Sherri Payne’s Gifts of Love Daycare has been a fixture in the Whitehaven community since 2008. Providing quality care for children ages five months to twelve years, Payne has achieved a 3-star rating, the highest awarded by the State of Tennessee’s Star Quality Program. 

When Payne’s landlord decided to sell the building, she knew it would be a wise move to purchase it to house her expanding day care services. Payne turned to the City’s Office of Business Diversity and Compliance’s Business Development Center for guidance on securing funding to expand her business. She began creating her business plan in January 2016 with the help of Business development Analyst, Rhonda Brown, and Associate Director of the Tennessee Small Business Development Center, William Richardson. Brown and Richardson assisted Ms. Payne in securing a loan, including drafting a profit & loss statement for her business, creating yearly detailed balance sheets, and guiding her through the accounting software QuickBooks to manage her business activities. These resources committed by Mayor Jim Strickland are available to local small businesses like Payne’s. 

Once Payne was ready to move forward with expanding her daycare business, Brown and Richardson contacted City of Memphis partner National Development Council (NDC), an organization that promotes job creation, small business lending, and investment in social infrastructure. Through this unique collaboration with NDC, the City is able to provide business owners with financial assistance through the Grow Memphis Fund. The fund offers loans ranging from $100,000 to $2 million dollars to help mature businesses grow. Over the past 20 years, the Grow Memphis Fund has assisted local small businesses with expansions and capacity building initiatives. From 2017 to 2018, Brown and Richardson guided Payne through the loan process by assisting her with the technical aspects to secure funding which included forming two new LLCs. In 2018, Brown and Richardson began the process in collaboration with David Lukas of Grow America Fund’s lending team. By October 2018, Payne secured a $350,000 loan to purchase the building and expand her business.

Sherri Payne “This has been a three-year journey where the City of Memphis has helped me expand my daycare from an in-home family daycare to a growing child care facility in Whitehaven. I am so grateful for Mayor Strickland and his team for providing me with the technical and legal assistance and the accounting knowledge for my business. It is so nice to have people that care about our growing community and are willing to make a difference in our lives,” Payne said.

Joann Massey, director of the Office of Business Diversity & Compliance said that being able to assist in the expansion of small businesses in the Whitehaven community is important to Mayor Strickland’s administration. 

“Ms. Payne’s business is the second Whitehaven business to receive funding from the Grow Memphis Fund in the last eight years. Since 2010, the Grow Memphis Fund has provided over $1.5 million in loans to locally owned small businesses and over $568,000 of that has gone to minority woman owned Whitehaven-based businesses. We are proud of the efforts of our city staff like Rhonda Brown and our partners from TSBDC who are dedicated to helping businesses grow,” Mayor Strickland said.

The City of Memphis Office of Business Diversity & Compliance believes supporting business owners like Ms. Payne is a catalyst to decreasing poverty, building generational wealth in the black community, and revitalizing neighborhoods.
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