NASHVILLE, Tenn. (WTVF) — Metro Nashville officials opened the application process Wednesday for small businesses to apply for their share of $18 million in federal assistance money to refuel the economy.
Mayor John Cooper said the grant and loan funds come through the American Rescue Plan. The city will partner with Pathway Lending to administer the money. Businesses can apply as of Wednesday. Applicants can also sign up for information sessions to preview the application requirements and processes, along with guidance to help businesses decide between applying for a grant or applying for a low-interest loan.
“Nashville’s economic recovery overall has been nothing short of remarkable, but it’s essential that our small business community gets the help they need to get back on their feet and thrive,” Cooper said. “These grants and loans created from the Biden Administration’s American Rescue Plan will help the engine of our great city – small businesses – continue to generate jobs and drive an economy that works for every neighborhood forward.”
Eligible small business applicants must have a Davidson County postal address and physical location, 2021 annual revenue between $10,000 and $1 million, no more than 50 full-time employees and must meet additional criteria.
The Mayor’s Office of Economic Development will oversee the program and make final 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 low-interest loans.
- $2.5 million for North Nashville (37208, 37218, 37228, 37207, 37209)
- $3.0 million for distressed areas of Metro Nashville
- $3.5 million Metro Nashville wide
- $2.5 million for North Nashville (37208, 37218, 37228, 37207, 37209)
Businesses should visit pathwaylending.org/nashville/ for more criteria information on how to apply.
