NASHVILLE, Tenn. (WTVF) — A national nonprofit is bringing free, one-on-one financial coaching to Tennessee small business owners through a new program designed to help entrepreneurs build stronger businesses and more stable finances.
The Acceleration Project (TAP), a national nonprofit, is launching its "Edge" program in Tennessee through a grant from the Truist Foundation. The free, 8-month program provides one-on-one coaching to help small business owners separate their personal and business finances and build better cash flow habits.
The program targets low- to moderate-income entrepreneurs who often lack access to mentorship and financial guidance. TAP chose Tennessee because small business ownership there is often a viable path to generational wealth.
Jack Murphy, VP of Programs & Partnerships at The Acceleration Project, said the program addresses a gap many entrepreneurs face when starting a business without a financial background.
"A lot of them come into entrepreneurship not having a background in finance or how to manage cash flow or build projections and build financial statements. So a program like this can be tremendously helpful," Murphy said.
The "Edge" program pairs entrepreneurs with experienced mentors who understand the unique challenges of being what TAP calls "chief everything officers" — handling CEO, CFO and marketing duties all at once. The timing is seen as critical as small businesses face challenges ranging from supply chain issues to difficult pricing decisions in an uncertain economy.
Murphy said the demands placed on small business owners are part of what drives his commitment to the program.
"These small business owners, they're the CEO, the CFO, the CMO and everything in between. Being able to work with them firsthand and see that decision fatigue that starts to set in gives me even more motivation to bring this program to communities across Tennessee," Murphy said.
Murphy has more than 10 years of experience working with small businesses and nonprofits across Tennessee.
In TAP's New York pilot program, more than 95% of the 280 participating businesses reported meaningful growth in financial knowledge. Some set up their first bill pay systems, while others established regular plans to pay themselves for the first time.
The program uses more than 200 pro bono consultants nationwide who speak more than 20 languages, with 40% being former small business owners themselves.
Applications open in late July or early August. Business owners can join the waitlist now at theaccelerationproject.org.
TAP is also hosting information sessions on June 24 and July 29 for chambers of commerce and other business support groups interested in partnering with the program. The program is completely free for participants.
Are you a Tennessee small business owner struggling with cash flow, pricing decisions or just trying to keep up with the demands of running everything yourself? Watch our full report to hear directly from the people behind this free program — and find out if you qualify. We want to hear your story. Reach out to Eric Pointer at Eric.Pointer@NewsChannel5.com and tell us about the challenges you're facing as a small business owner in Tennessee.
This story was reported by Eric Pointer and has been converted to this platform with the assistance of AI. Eric Pointer and our editorial team verifies all reporting on all platforms for fairness and accuracy.
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