Nashville opens applications for $18 million for small business assistance
NASHVILLE, Tenn. (WTVF) — Metro Nashville officials opened the application procedure Wednesday for little corporations to utilize for their share of $18 million in federal support income to refuel the financial system.
Mayor John Cooper claimed the grant and mortgage money appear as a result of the American Rescue Strategy. The town will husband or wife with Pathway Lending to administer the funds. Firms can utilize as of Wednesday. Candidates can also sign up for details classes to preview the software needs and processes, along with assistance to support organizations determine between implementing for a grant or applying for a low-desire financial loan.
“Nashville’s economic restoration over-all has been very little quick of remarkable, but it’s important that our small enterprise local community will get the enable they will need to get back again on their feet and thrive,” Cooper mentioned. “These grants and loans created from the Biden Administration’s American Rescue Prepare will help the engine of our good town – small businesses – proceed to create positions and drive an economy that functions for each individual community ahead.”
Qualified tiny enterprise applicants will have to have a Davidson County postal address and actual physical place, 2021 annual income amongst $10,000 and $1 million, no additional than 50 entire-time personnel and will have to meet up with added standards.
The Mayor’s Office of Economic Progress will oversee the plan and make remaining determinations on fund disbursement. In keeping with steering in the Metro Council Resolution, Pathway Lending will allocate the $18 million as follows:
Nine million dollars will go to grant funding with the other $9 million going to low-desire loans.
- $2.5 million for North Nashville (37208, 37218, 37228, 37207, 37209)
- $3. million for distressed spots of Metro Nashville
- $3.5 million Metro Nashville broad
- $2.5 million for North Nashville (37208, 37218, 37228, 37207, 37209)
Organizations ought to visit pathwaylending.org/nashville/ for extra conditions information and facts on how to apply.
