NASHVILLE, Tenn (WTVF) – Metro Nashville officials opened the bidding process Wednesday for small businesses to apply for their $ 18 million stake in federal aid money to replenish the fuel economy.
Mayor John Cooper said the grant and loan money came through the American Rescue Plan. The city will partner with Pathway Lending to administer the funds. Businesses can apply from Wednesday. Applicants can also sign up for information sessions to get a preview of 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 overall economic recovery has been nothing short of amazing, but it is vital that our small business community gets the help they need to get back on their feet and prosper,” said Cooper. “These grants and loans created from the Biden Administration’s American Rescue Scheme will help the engine of our great city – small businesses – continue to generate jobs and drive forward an economy that works for all neighborhoods.”
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 decisions on the distribution of the fund. In accordance with the guidelines in the Metro Council Decision, Borrowing Pathway will allocate the $ 18 million as follows:
Nine million dollars will go into grant funding with the remaining $ 9 million going to low interest loans.
Businesses should visit pathlending.org/nashville/ for more information on how to apply criteria.
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