Coffee, Cool and Commitment in Memphis, TN

Nestled in a Memphis arts district, on the corner of Collins Street and Broad Avenue, stands a brown brick building with bright yellow metal accents around the windows. City & State | The Art of Craft is an official sounding name for a coffee shop. But with its high-quality coffee roasts, specialty teas, eclectic assortment of other goods, industrial chic interior, and baristas in perfect plaids, City & State is undoubtedly a very cool place.

Lisa Toro enjoyed a successful career as an auditor and financial analyst at several Fortune 500 companies. But she and her husband dreamed of owning a business that celebrated high-quality craftsmanship and served as a community gathering place. A loan from HOPE helped make their dream become a reality. After investing a significant amount of her own savings in the business start-up, Ms. Toro needed $40,000 in working capital to purchase inventory. She and her husband applied for a loan with a local bank. The request was turned down because the value of the collateral was too low. HOPE solved the problem by taking the time to work with Ms. Toro to secure a Small Business Administration loan guaranty.

With the loan closed, City & State thrived. Staff earn well above minimum wage, plus tips. “We’ve had minimal turnover, which has been critical for the success of our business,” Ms. Toro says. She adds, “HOPE’s commitment and support for us as a small business is huge.”