Regional Council announces loan program to support small business impacted by COVID-19
The Greater Nashville Regional Council (GNRC) received $2.49 million from the U.S. Department of Commerce Economic Development Administration (EDA) for CARES Act Recovery Assistance to lend to small businesses that have been adversely impacted by the coronavirus pandemic. Applications for funding open on December 1, 2020.
The CARES Act funding will be made available to qualifying small businesses through a Revolving Loan Fund (RLF), with a maximum loan amount of $250,000. EDA has waived some costs and requirements for the loan program.
“Helping Middle Tennessee businesses regain their footing is critical to ensuring our long‐term economic recovery,” said Paige Brown, Mayor of the City of Gallatin and president of GNRC. “Small businesses are the backbone of our communities, and I hope this program can offer a lifeline to those who have struggled with the on‐going effects of COVID‐19.”
This RLF is open to businesses located in Cheatham, Davidson, Dickson, Houston, Humphreys, Montgomery, Robertson, Rutherford, Stewart, Sumner, Trousdale, Williamson, or Wilson County. Applicants must demonstrate economic loss due to COVID‐19 and meet minimum credit and collateral criteria. A full list of eligibility requirements is available on the GNRC website.
Angela Hubbard, GNRC’s director of economic and community development, stated, “We are proud to add this low‐cost, flexible program to our portfolio of loan products. Investments made through this program will provide needed support to many small businesses across the region.”
An informational webinar on the program and application process will be held on Tuesday, December 1, at 10 a.m., to register for the webinar visit GNRC.org/recoveryloans.
About the Greater Nashville Regional Council:
The TN General Assembly establishes GNRC as the regional council of governments for Middle Tennessee. The Regional Council convenes more than 60 area mayors with state and federal officials for cooperative policymaking and to prioritize public funding for infrastructure projects and social services. It is federally recognized as the region’s lead transportation planning organization, economic development district, and area agency on aging and disability. More info at GNRC.org.