Make sure you are not throwing money away if you own a business.
The Nashville Small Business Recovery Fund is still open to you.
First come, first served with the monies.
According to the distributor, Pathway Lending, roughly $1.5 million in loans have already been made, and there are still about $7 million available for businesses to apply for.
Owners of businesses are eligible for loans ranging from $10,000 to $200,000 at an interest rate of just 2%.
The American Rescue Plan is to thank for this fund.
The Metro Council approved $9 million in grants and $9 million in loans last year for small businesses affected by the pandemic and to aid in the recovery of the local economy.
In June of last year, businesses were eligible to begin applying.
Although almost 470 grants were awarded, there is still funding for loans.
You must have a business in Davidson County that was started by September 2019 and had revenue of less than $1 million in 2021 in order to apply. Your credit score must also be at least 600. On the website of Pathway Lending, you may get additional information about requirements and the application.
According to Thomas Sheffield with Pathway Lending, if you haven’t taken advantage of this chance yet, this is the moment.
“Now is like the best time to try to expand or try to buy that piece of equipment or hire somebody new to try to help your business to grow,” said Sheffield. “This is 2 percent money so it’s really cheap money. And with the fed increasing interest rates what I think was 7 times in 2022 and it’s gone all the way up to 8 percent interest, now is a wonderful time to take advantage of this program.