December 1, 2021
Memphis Medical District receives $300,000 grant from The Kresge Foundation
The Memphis Medical District Collaborative (MMDC) is pleased to receive a $300,000 grant from The Kresge Foundation centered around building equity and prosperity through increased economic opportunities for BIPOC communities.
Of the roughly 11,000 residents in the Medical District, 66% are black, 43% of households live below the poverty line, and 10% of homes are owner-occupied. This grant funding will support MMDC’s development of community investment models to help close the racial wealth gap and key wealth-building opportunities that BIPOC individuals have not historically been afforded.
“Thanks to the support of The Kresge Foundation, we can build on the momentum of the organization's first five years and continue to grow our programs to better support the residents and business owners of the Medical District. These efforts will lead to more meaningful community-based investment and development, elevating not only the Medical District, but Memphis as a whole.” said Rory Thomas, MMDC President.
MMDC’s economic development programs build equity and prosperity in the community by aligning the needs of residents and businesses with those of the major health and education institutions in the Medical District. Hire Local works in partnership with institutions in the District to provide training, education, and employment opportunities to Medical District residents. To date, Hire Local’s cohort training program has achieved a 70% placement rate to living wage and career-mobile positions for under-and unemployed residents. Buy Local connects local, minority, and women-owned businesses with Medical District institutions to increase procurement opportunities and to support and grow businesses within the Medical District and Memphis. Since 2016, the program has increased spending with MBE, WBE, or DBE Memphis-headquartered businesses by 119%, and local diverse suppliers by 58%. MMDC’s real estate program supports current and future BIPOC developers with technical assistance, mentorship opportunities, pre-development grants, and access to creative capital programs such as the Memphis Medical District Investment Fund.
“In an area with so much potential and opportunity, MMDC’s work has made impactful progress in the Medical District of Memphis,” said Monica Valdes Lupi, Managing Director of Kresge’s Health Program. “We are excited to see how MMDC’s thoughtful programming and investments will build upon these efforts and support BIPOC communities.”
Read more: Daily Memphian | Commercial Appeal | U.S. News and World Report
Contact: info@mdcollaborative.org
About The Kresge Foundation
The Kresge Foundation was founded in 1924 to promote human progress. Today, Kresge fulfills that mission by building and strengthening pathways to opportunity for low-income people in America’s cities, seeking to dismantle structural and systemic barriers to equality and justice. Using a full array of grant, loan, and other investment tools, Kresge invests more than $160 million annually to foster economic and social change. For more information visit kresge.org.