NASHVILLE, Tenn. (WTVF) — Metro Nashville officers opened the software approach Wednesday for tiny corporations to implement for their share of $18 million in federal support dollars to refuel the overall economy.
Mayor John Cooper reported the grant and personal loan funds appear as a result of the American Rescue Strategy. The town will companion with Pathway Lending to administer the funds. Corporations can utilize as of Wednesday. Applicants can also sign up for details sessions to preview the software demands and processes, along with steerage to help firms come to a decision among implementing for a grant or applying for a reduced-fascination financial loan.
“Nashville’s economic recovery general has been practically nothing small of outstanding, but it is critical that our modest business neighborhood gets the assistance they need to get again on their toes and thrive,” Cooper claimed. “These grants and loans designed from the Biden Administration’s American Rescue System will support the motor of our wonderful metropolis – little firms – continue to deliver employment and push an economic climate that is effective for each neighborhood ahead.”
Eligible modest small business candidates must have a Davidson County postal tackle and physical locale, 2021 annual earnings between $10,000 and $1 million, no a lot more than 50 comprehensive-time staff members and ought to fulfill further standards.
The Mayor’s Place of work of Economic Enhancement will oversee the method and make closing determinations on fund disbursement. In keeping with guidance 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 small-curiosity loans.
- $2.5 million for North Nashville (37208, 37218, 37228, 37207, 37209)
- $3. million for distressed regions of Metro Nashville
- $3.5 million Metro Nashville vast
- $2.5 million for North Nashville (37208, 37218, 37228, 37207, 37209)
Companies need to stop by pathwaylending.org/nashville/ for extra requirements facts on how to apply.