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Mayor Announces Applications Open for $18 Million in Federal Assistance to Refuel Small Businesses

Mayor Announces Applications Open for $18 Million in Federal Assistance to Refuel Small Businesses

Today, Mayor John Cooper declared apps for $18 million in grant and bank loan funds produced accessible through the American Rescue Program for small companies in Nashville and Davidson County are now open to candidates. Metro Nashville is partnering with Pathway Lending to administer the money. Starting June 29 at 10 a.m. local time, eligible small companies can utilize for a grant or start a loan application. Candidates can also indication up for data periods to preview the software requirements and procedures, alongside with steerage to aid businesses choosing in between applying for a grant or applying for a low-fascination bank loan.

“Nashville’s financial recovery over-all has been practically nothing brief of remarkable, but it’s vital that our small business enterprise community receives the help they want to get back on their toes and prosper,” mentioned Mayor John Cooper. “These grants and loans made from the Biden Administration’s American Rescue Prepare will assistance the motor of our excellent town – little firms – carry on to generate positions and push an overall economy that works for every community forward.”

Qualified modest enterprise candidates need to have a Davidson County postal deal with and physical location, 2021 once-a-year profits among $10,000 and $1,000,000, no far more than 50 comprehensive-time workers, and ought to satisfy supplemental requirements.

The Pathway Lending system website particulars complete eligibility standards as properly as frequently requested queries, grant and financial loan software guides and lists nonprofit application associates delivering technical support to aid compact businesses put together applications. To day, individuals nonprofits involve Conexión Américas, Corner to Corner, The Fairness Alliance, Jefferson St. United Merchants Partnership (Bounce), Nashville Place Hispanic Chamber of Commerce, Nashville Business Incubation Centre, and Tennessee Latin American Chamber of Commerce.

The very first spherical of facts classes, hosted in the two English and Spanish, kicked off this week and will go on all over the application period. Supplemental sessions this week involve:

  • 6:00 p.m., 6/29/2022, En Español, Hosted by Conexión Américas (2195 Nolensville Pike)
  • 7:00 p.m., 6/29/2022, Hosted by Pathway Lending (201 Venture Circle)
  • 5:00 p.m., 6/30/2022, Hosted by Tennessee Latin American Chamber of Commerce (Plaza Mariachi 3995 Nolensville Pike)

Tiny organizations will before long also be capable to entry on line recorded info periods.

As fund administrator, Pathway Lending will approach grant and loan programs and distribute grant awards and financial loans to eligible little companies with approved purposes. The Mayor’s Place of work of Financial Growth will oversee the application and make ultimate determinations on fund disbursement. In retaining with guidance in the Metro Council Resolution, Pathway Lending will allocate the $18 million as follows:

$9 million grant plan

  • $2.5 million for North Nashville (37208, 37218, 37228, 37207, 37209)
  • $3. million for distressed regions of Metro Nashville
  • $3.5 million Metro Nashville wide
  • $9 million mortgage method
  • $2.5 million for North Nashville (37208, 37218, 37228, 37207, 37209)

“These funds will have a significant effects in which our group wants it the most – revitalizing organizations in a sustainable and positive way,” reported Thomas Sheffield, Pathway Lending’s Nashville Opportunity Fund Director. “This will let us to exponentially raise the help out there to tiny firms in Nashville. We are grateful to the Metro Council and Mayor Cooper for entrusting this critically essential function to our group and the other non-financial gain neighborhood companions concerned in this groundbreaking initiative.”

Established by the Mayor’s Workplace of Financial and Local community Advancement, the Nashville Little Enterprise Recovery Fund was established by Metro Council when it accepted $20 million in American Rescue System Act cash from the federal govt for this function. Metro Council committed $18 million for Davidson County smaller businesses, with $9 million heading to grants and the other fifty percent likely to low-desire fee financial loans, and the remaining $2 million for complex assistance and outreach aid by space nonprofits.

About Pathway Lending

Established in 1999 and centered in Nashville, Pathway Lending is a local community development economic institution (CDFI) licensed by the U.S. Division of the Treasury. It has developed to come to be a big lending institution in the Southeast, propelling meaningful economic expansion in communities throughout the location. In 2021, Pathway Lending built a lot more than $57.7 million in loans and delivered 16,557 hrs of complex aid and schooling. Get to know our mission and the tales of the business people and communities we serve at