Nashville, Tennessee (WTVF) — If you’re a business owner, be careful not to leave money on the table. Benefit from the Nashville Small Business Recovery Fund.
Funds are on a first-come, first-served basis. About $1.5 million has been financed so far, and about $7 million still remains for companies to apply, according to distributor Pathway Lending. A business owner can get a loan from him $10,000 to he $200,000 at only 2% interest.
This funding is due to the American Rescue Plan. Last year, the Metro Council approved the use of his $9 million in grants and another $9 million in loans to pandemic-affected small businesses to help revive the local economy. .
Companies were able to start applying in June last year. Nearly 470 grants have been approved, but loan funding is still available.
Part of Eligibility to Apply — You must have a business in Davidson County that was established by September 2019, has revenues of less than $1 million in 2021, and has a credit score of 600. You can find more information about eligibility and applications on the Pathway Lending website.
Pathway Lending’s Thomas Sheffield says if you haven’t jumped at the opportunity yet, now is the time.
“Now is the perfect time to try to expand, buy that equipment, or hire new people to help grow your business,” says Sheffield. So it’s really cheap money, and with the Fed raising interest rates, it’s increased sevenfold in 2022 to 8% interest rates.Now is the perfect time to take advantage of this program.”
Perfectly Cordial founder Rhonda Cammon says the Nashville Small Business Recovery Fund helped her increase revenue by $100,000.
Perfectly Cordial is a whole food-based beverage mixer for cocktails and mocktails sold in grocery and liquor stores nationwide.
During the pandemic, Cammon quit her 20-year full-time nursing job to become a full-time entrepreneur.
By taking out a loan at just 2 percent interest, I was able to hire two women of color and increase production by 50 percent.
Now she wants to tell other small business owners all over Nashville that they shouldn’t be ashamed to ask for help to start a business.
“It could be from a loan, it could be a venture, it could be an angel, it could be a Warbucks father who dropped the money somewhere. So if you’re hesitant to apply, Don’t think, “This isn’t for me.” That’s how many companies get to the next level,” he said Cammon.
Cammon said Pathway Lending helped her through the application process and made sure she was in good financial standing before applying.