Colby Midgett, a local florist recently received a hand up to move from being a home-based business operator to opening her storefront in Binghampton.
River City Capital Investment Corporation, an affiliate of
Community LIFT and certified Community Development Financial Institution (CDFI) that offers loans to qualified for-profit businesses and non-profit organizations in distressed communities provided a $5,000 Micro-loan to Premier Flowers. Midgett needed the financial support to open and manage her retail business location.
At a ribbon cutting ceremony in October, Midgett celebrated the grand opening of Premier Flowers, a company that provides floral bouquets, wedding and event services and floral design.
According to Tracy Buckley, Business Development Officer for River City Capital, the micro loan and movement from being a home-based business to a retail floral shop will allow Midgett additional working and storage space, merchandise, and the opportunity to increase business traffic.
“Miss. Midgett has such a passion for her work, and River City Capital was excited to help her reach her dream of opening a retail location,” said Buckley.
“We look forward to watching the continued growth of her business, and are happy that she can now attract more customers that she otherwise may not have been able to reach.”
Midgett, a native Memphian and recent graduate of the University of Memphis has been designing floral arrangements for more than five years. Earlier this year, she opened her home based-business to feed her passion and love for all things flowers, and has also secured a position as a preferred vendor with Macy’s bridal department. Since launching in February, the demand for Midgett’s services has increased and she knew that opening a storefront would position her to take her company to the next level.
“When starting a new business, you’re skeptical about whether or not things can and will go smoothly. Tracy worked with me to ease my concerns and to remove barriers,” said Midgett.
“Now, I’m just ecstatic, excited and overwhelmed with gratitude. I know that I’m blessed to have come in contact with such a wonderful organization [River City Capital].”
The mission of River City Capital Investment Corporation is to increase economic development in underserved neighborhoods by attracting and leveraging investment capital for community revitalization. The organization offers services in financial lending; small business recruitment and retention; neighborhood level economic development, and small business mentoring.
To date, River City Capital has provided loans to eight businesses located in the communities of Binghampton, Frayser, and Upper South Memphis.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.