River City Capital launches new forgivable loan program for Memphis businesses

In response to the pandemic, a local community development organization is now offering loans of up to $12,000 — 60% of which is forgivable. River City Capital Investment announced the new program July 27. It plans to lend a total of $500,000, partnering with the Kresge Foundaiton, Patriot Bank, JPMorgan Chase, Regions Bank, and Truist. To receive the loan, a business must have less than $1 million in annual revenue and have a storefront in a low- or moderate-income community, according to a…