Written By JR Robinson
Memphis is a city built by dreamers and doers. At its heart are the small business owners, entrepreneurs, and visionaries who have powered our economy for generations. Yet, as Will Richardson knows all too well, the path to opportunity isn’t always level—especially for Black entrepreneurs in Shelby County. That’s why Will’s campaign isn’t just about talk; it’s about action: “We can’t build a thriving Memphis if we leave our Black-owned businesses behind.”
Will’s bold vision for District 8 is rooted in building wealth, increasing access to capital, and reigniting downtown as the heartbeat of economic opportunity—so every Memphian gets a shot at financial security, generational wealth, and civic pride. Simply put: “Where there is a Will, there’s a Way.”
The Economic Landscape for Black-Owned Businesses in Memphis
African Americans make up about 64% of Memphis’s population but own less than 20% of local businesses with employees. Even more concerning, Black-owned businesses, on average, earn less revenue, have less access to credit, and face more obstacles to growth than their white counterparts. According to the most recent Memphis Chamber report, Black entrepreneurs continue to struggle with underinvestment, while downtown’s commercial core, long a hub for Black culture and enterprise, now faces high vacancy rates and economic gaps.
Will Richardson doesn’t just see statistics—he sees families, students, and neighborhoods held back by generational barriers. “When Black businesses succeed, entire communities rise up,” Will says. “We create jobs, keep money in our neighborhoods, and give our youth real role models with real results.”
Building a Foundation: Access to Capital and Support
Will’s plan recognizes that access to capital is the lifeblood of entrepreneurship. “We know great ideas are everywhere in this city—the problem is, the support isn’t.” National reports show Black business applicants are denied bank loans at significantly higher rates, receive fewer investment dollars, and pay higher borrowing costs. In Memphis, the pandemic only magnified these issues, wiping out nearly 40% of Black-owned businesses between 2019 and 2021.
To fix this, Will plans to:
- Advocate for city and county loan guarantee programs focused on minority entrepreneurs.
- Push for expanded technical assistance and mentorship initiatives through organizations like Black Business Association of Memphis and Epicenter.
- Work with private banks and credit unions to develop low-interest microloan products and alternative lending models for startups.
Will also wants to use his seat on the county commission to make sure supplier diversity programs are more than window dressing—leveraging the county’s own contracts and purchasing power to directly include Black-owned businesses at every level.
Revitalizing Downtown: Opportunity for All
For Will, downtown isn’t just geography—it’s the beating heart of Memphis’s history and future. “A vibrant downtown means jobs, tourism, and pride in our city,” Will says, “but too often, Black-owned businesses are pushed to the fringes or left out of big projects.”
Will’s plan:
- Support affordable commercial rents and shared workspaces so new ventures can move in, not out.
- Champion grants and tax breaks for businesses that make downtown home and commit to local hiring.
- Demand accountability from developers to set aside space specifically for minority-owned businesses as part of every large-scale downtown project.
He also wants to create a “Downtown Business Ambassadors” program—a network of mentors, advocates, and city liaisons who can help Black and minority entrepreneurs navigate paperwork, access resources, and cut through red tape.
Creating Pipelines: Youth, Jobs, and Economic Mobility
Will believes that when you show young people Black business owners thriving in the heart of the city, you don’t just inspire them—you change what they believe is possible for their own future. That’s why his plan links business development to youth empowerment:
- Partner with Memphis-Shelby County Schools to bring real entrepreneurs—especially Black business owners—into classrooms for mentorship.
- Expand paid summer internships and apprenticeship opportunities in downtown businesses.
- Establish a Youth Entrepreneurship Challenge, helping high school students learn to start, pitch, and run their own small businesses.
The Impact: Building Generational Wealth
The bigger vision? “When we build Black wealth, we close gaps—not just for one family, but for generations,” Will says. It’s not about charity; it’s about fairness, power, and rooting prosperity in communities that have long been left out. Studies show that if Black-owned businesses in Memphis grew to just the level of their white counterparts, Shelby County could add thousands of new jobs and billions in economic activity.
Working Together: Community, Collaboration, and Accountability
Will knows real progress only happens when the public, private, and nonprofit sectors work together—and when communities hold leaders accountable. He’s committed to transparent progress reports, open calls for business ideas, and real, ongoing conversations with the Downtown Memphis Commission, business associations, and neighborhood groups.
Will’s call to voters is simple: “We all win when Black businesses win. Let’s build the Memphis our kids deserve—one business, one job, one dream at a time. Where there is a Will, there’s a Way.”
Call to Action
If you’re a business owner, aspiring entrepreneur, or just someone who believes in a fair economy, Will wants to hear your story. Share your ideas or get updates on his plan at theWilltoLead.com.
Ready for change? So is Will. Let’s get to work and ignite a new era of economic growth in Memphis—together.
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