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.
Funds are allocated to the first. So far, about $1.5 million has been loaned, and according to the distributor, Pathway Lending, companies have about $7 million left. Business owners can get between $10,000 and $200,000 in loans with as little as 2 percent interest.
This fund is thanks to America’s bailout plan. Last year, the Metro Council approved $9 million in grants and another $9 million in loans for small businesses affected by the pandemic and to help the local economy recover.
Businesses could start applying last June. Almost 470 grants have been approved, but there is still money for loans.
Some of the qualifications to apply — you must have a business within Davidson County that was incorporated by September 2019, generate less than $1 million in 2021 and have a credit score of 600. You can see more details about qualifications and how to apply on the Pathway Lending website.
Pathway Lending’s Thomas Sheffield says if you haven’t taken advantage of this opportunity, now is the time to do so.
“Now is the best time to try to expand or try to buy that piece of equipment or hire someone new to try to help your business grow,” Sheffield said. “This is 2 percent money, so it’s really cheap money. And with the Fed raising interest rates, which I think was 7 times in 2022, going as high as 8 percent interest, now it’s wonderful time to take advantage of this program.”
Rhonda Cammon, founder of Perfectly Cordial, said she was able to increase her revenue by $100,000 thanks to the Nashville Small Business Recovery Fund.
Perfectly Cordial is a natural, food-based drink mixer for cocktails and mocktails available at grocery and liquor stores nationwide.
During the pandemic, Cammon left her full-time job as a nurse after 20 years to become a full-time entrepreneur.
A loan at just two percent interest helped her hire two women of color, allowing her to increase production by 50 percent.
Now she wants to tell other small business owners across Nashville that no one should be ashamed to ask for help starting a business because that’s how every business starts.
“It could be from a loan, it could be through a venture, it could be through an angel, it could be through dad’s Warbucks somewhere who just dropped off a bag of money. But they had an influx of cash that helped them grow and then helped them to expand. So if you’re hesitant to apply, don’t think ‘this isn’t for me.’ This is how a lot of companies are getting to the next level,” Cammon said.
Cammon said Pathway Lending helped her all the way through the application process, making sure she was in good financial standing before applying.
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