The Greater Nashville Regional Council is offering loans to small business in Middle Tennessee that have been impact by the coronavirus pandemic. Businesses in Williamson County are eligible.
The GNRC — a regional council of governments from Middle Tennessee that works to prioritize funding for public infrastructure projects — received about $2.5 million in federal funding to assist small businesses.
The loans will be capped at $250,000. The loans are available for businesses in Cheatham, Davidson, Dickson, Houston, Humphreys, Montgomery, Robertson, Rutherford, Stewart, Sumner, Trousdale, Williamson and Wilson counties.
To be eligible, businesses must be able to show that they’ve suffered because of the coronavirus pandemic. Applicants need to meet the Small Business Administration’s definition of a small business. They also need to have an employee retention and hiring plan.
The loans can be used for the following purposes:
- Acquisition of owner-occupied building, office, condo, or land
- Construction or rehabilitation of facilities
- Site improvements; Infrastructure or Utilities
- Machinery or Equipment Purchase
- Training (specific to business’s COVID-19 recovery plan)
- Working Capital
The loans will have no interest for 24 months. The federal agency providing the funds has waived upfront fees, such as an application fee.
Unlike the federal government’s Paycheck Protection Program, these loans through the GNRC are not forgivable. Businesses that received a PPP loan are still eligible for the new program.
The application process starts on Dec. 1. The GNRC is hosting an informational webinar that day as well.