NASHVILLE, Tenn. (WTVF) — If you’re a business owner, make sure you’re not leaving money on the table. You can still benefit from the Nashville Small Business Recovery Fund.
The funds are on a first-come, first-served basis, with about $1.5 million left for businesses to apply for, according to distributor Pathway Lending. Business owners can get loans of $10,000 to $200,000 at as little as 2 percent interest.
The fund is credited to the U.S. Rescue Plan. Last year, Metro Council approved $9 million in grants and another $9 million in loans to small businesses impacted by the pandemic to help the local economy recover.
Businesses were able to start applying last June. Nearly 470 grants were approved, but loan funds are still available.
Some eligibility criteria – you must own a business in Davidson County, start in September 2019, have less than $1 million in revenue in 2020 and 2021, and have a credit score of 600. You can view more details on eligibility and application on Pathway Lending’s website.
Thomas Sheffield of Pathway Lending says if you haven’t taken the opportunity, now is the time to do it.
“Now is the perfect time to try to expand or try to buy that piece of equipment or hire someone new to help your business grow,” Sheffield said. “It’s 2% money, so it’s really cheap. With the Fed raising interest rates , I think 2022 with a seven-fold increase in interest rates and going all the way up to 8%, now is a great time to take advantage of this plan”
Rhonda Cammon, founder of Perfectly Cordial, says her income has increased by $100,000 thanks to the Nashville Small Business Recovery Fund.
Perfectly Cordial is a natural food-based cocktail and mocktail mixer available in grocery and liquor stores nationwide.
During the epidemic, Carmon quit her 20-year full-time job as a nurse and became a full-time entrepreneur.
A mere 2% interest loan helped her hire two women of color and increased her productivity by 50%.
Now, she wants to tell other small business owners in Nashville that no one should be ashamed of asking for help to start a business because that’s how every business starts.
“Now it could come from loans, it could be through VCs, it could be through angels, it could be through daddy Warbucks somewhere just dropped a bag of money. But they’ve got a ton of money coming in that helps them grow and then helps them scale. So , if you’re hesitant to apply, don’t think, “This isn’t for me. That’s how a lot of businesses get to the next stage,” says Kamon.
Cammon said Pathway Lending has been helping her through the application process, making sure she’s in a good financial position before applying.