Latest news releases on business happenings in the Knox.biz coverage area. Check back all week for updates.
Walmart Associates in Tennessee Earn $6.4 Million in Cash Bonuses Following Strong Q4 Store Performance
KNOXVILLE, Tenn. (March 7, 2019) – Today more than 912,000 Walmart U.S. associates will receive a share of nearly $207 million in cash bonuses, as the company experienced a strong 4.2 percent fourth-quarter comp sales growth. Associates are receiving their bonuses in paychecks received March 7. In Tennessee, associates will be awarded more than $6.4 million for fourth-quarter performance.
“Success for Walmart starts at the associate level. When Walmart is performing well, it is in large part, due to the valuable work our associates do,” said Sean Riley, regional manager for Walmart in Tennessee. “We are immensely proud of our Tennessee associates, who make every day easier for busy families, and we are pleased to reward their generous contributions to making Walmart a place that customers trust.”
Quarterly bonuses are part of an overall incentive plan designed to reward associates whose stores achieve sales and customer service goals. Both full- and part-time associates are eligible for cash bonuses based on store performance.
For the full fiscal year, Walmart U.S. associates received nearly $800 million in store performance-based bonuses. In Tennessee, associates shared more than $21.6 million in store performance-based bonuses for the full fiscal year.
First Tennessee Bank Invests $500,000 in Small Business Innovation
First Tennessee Bank, a member of the First Horizon National Corp. (NYSE:FHN) family of companies, that also includes Capital Bank, announced a $500,000 investment to provide access to capital for start-ups and small businesses. The company has partnered with Chattanooga-based BrightBridge, Inc. whose mission is to reduce barriers to business growth by customizing loan packages and advisory services. BrightBridge also increases employment opportunities and fosters the expansion of business and industry in Tennessee and surrounding states.
“BrightBridge aims to accelerate start-up and business growth,” said Bill Pollard, BrightBridge chief operating officer. “The $500,000 commitment from First Tennessee will open even more doors for start-up and small businesses in the region. First Tennessee understands and values the opportunities small business provides to our communities. Their investment allows us to do the work that will have long-term positive impacts in our community.”
First Tennessee’s investment is part of its Community Benefits Plan to broaden access to financial resources and strengthen economic development in communities in its footprint. “At First Tennessee Bank, we know access to capital can expand small businesses and drive innovation. Our partnership with BrightBridge helps entrepreneurs overcome some of the barriers of traditional financing,” said Jay Dale, First Tennessee Chattanooga market president.
The goals of the partnership include:
1. Closing the commercial lending gaps
2. Building strong partnerships with lenders and peer organizations
3. Fostering community understanding and engagement
4. Creating measureable impact
5. Supporting environmental sustainability
Small business owners interested in applying for funding can find additional information at: www.BrightBridgeInc.org.
ameron Farms of Grainger County, TN Receives Wayne Scott Memorial Grower of the Year Award
Abingdon, VA (Wednesday, March 6, 2019) – Food City is well-known for their locally grown produce initiative. Through a partnership with local farmers, the retail supermarket chain offers their customers fresh-from-the-field fruits and vegetables during local growing seasons. Many items are delivered directly from the farm to the store the same day they are picked. What began over ten years ago with a small number of items, supplied by a handful of area farmers has now grown into a multi-million dollar operation. Today, Food City purchases an average of over $5,000,000 annually in fresh produce from local growers.
“We pride ourselves in selecting the best possible products for our customers,” says Steven C. Smith, Food City president and chief executive officer. “Our local farms are known for producing some of the finest products in the country. Buying locally is the logical choice. It provides our customers with the freshest produce possible, while lending additional support to our local economies. In many instances, our locally grown produce arrives at the store the same day it was picked. It simply doesn’t get any fresher than that”.
In 2007, Food City created the Wayne Scott Memorial Grower of the Year Award. The award is named in honor of Unicoi County farmer Wayne Scott, one of the first to partner with the retail supermarket chain. Wayne Scott’s leadership, passion for the business and dedication to delivering the “best produce possible” are just a few of the reasons for his tremendous success. The award recognizes one outstanding grower each year.
“Scott Farms was among the first to partner with our company and Scott’s Strawberries continue to be one of our most sought-after products,” says Smith. “Wayne Scott was one of the finest, most honorable men I have ever had the privilege of doing business with. We thought it befitting to honor his memory and dedication to the agricultural industry with this annual award”.
Mike Cameron of Cameron Farms was named this year’s winner. Cameron is a third-generation farmer, who began more than 50 years ago on his family farm. At that time, tobacco was their main crop, although produce served as a cash crop as well. As a child, Cameron worked alongside his father, who taught him the values of farming and hard work. During his teen years, he worked the fields and transported tomatoes to a local produce market in Knoxville, TN. As an adult, he followed in his father’s footsteps, choosing a career in law enforcement, continuing to grow tomatoes part time for sale at local stores. In 2004, he retired from the Tennessee Highway Patrol, growing tomatoes and other vegetables full-time. In 2014, he joined the Food City locally grown partnership, serving select locations in Hamblen, Cocke, Jefferson, Grainger, Claiborne, Knox, Union and Sevier, TN and enabling the expansion of his vegetable crops. Cameron’s direct delivery of locally grown produce ensures farm to table quality freshness for Food City customers. He is proud to grow Grainger County tomatoes and vegetables, as well as Roma tomatoes, yellow tomatoes, zucchini and yellow squash, green bell peppers, green beans and pickling cucumbers. Cameron and his lovely wife, Karen manage their 70-acre family farm, located in the Buffalo Community of Grainger, TN. They are the proud parents of four sons, one step-daughter and six grandchildren. Food City is proud to have partnered with Cameron Farms for the past five years.
Food City purchases produce from a number of local farms, including those in Grainger, Blount, Hawkins, Unicoi, Jefferson and Sullivan counties in Tennessee; Scott and Carroll counties and through Appalachian Harvest co-op for locally grown organics from the growers in Scott County, Virginia.
“We enjoy a great partnership with a variety of local farms,” comments Bucky Slagle, director of produce operations for Food City. “And we are proud to be the exclusive retail outlet for a number of them and of course our customers love the added convenience,” says Slagle.
Food City purchases a wide variety of items from local growers, including tomatoes, corn, cucumbers, cabbage, half runner beans, okra, peppers, squash, gourds, pumpkins, cantaloupes, watermelons, blackberries, strawberries, pears, raspberries, select organic produce and more.
SBA’s Emerging Leaders Initiative to Help Growing Entrepreneurs
WASHINGTON – The U.S. Small Business Administration (SBA) announced the launch of the 2019 Emerging Leaders Initiative for executives of small businesses poised for growth in emerging markets. Local area recruitment for the 2019 training cycle is currently ongoing at designated SBA District Offices. Interested small business owners can learn more regarding eligibility, how to apply, class schedules, and locations at www.sba.gov/emergingleaders, or by contacting their local SBA District Office.
“I am proud of the success the Emerging Leaders and the impact the training has made in helping to take small businesses to the next level,” said Allen Gutierrez, Associate Administrator of the SBA’s Office of Entrepreneurial Development. “Since its inception in 2008, Emerging Leaders has trained more than 5,000 small business owners, creating over 6,500 jobs, generating over $300 million in new financing, and securing over $3 billion in government contracts.”
The SBA’s Emerging Leaders provides free entrepreneurship education and training for executives of small businesses that are potential job creators. This intensive executive entrepreneurship series includes nearly 100 hours of classroom time. Participants are provided with the opportunity to work with a network of experienced coaches and mentors, attend specialized workshops, and develop connections with their peers, city leaders, and the financial community in order to build sustainable businesses that promote economic development within their communities.
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