New revolving loan fund coming to 13 Middle Tennessee counties
The U.S. Economic Development Administration has awarded a $2 million grant to the Greater Nashville Regional Council that will provide an additional $536,851 in local matching funds.
The U.S. Economic Development Administration (EDA) has awarded a $2 million grant to the Greater Nashville Regional Council (GNRC) in Nashville to capitalize and administer a revolving loan fund (RLF) serving small businesses in 13 counties throughout Northern Middle Tennessee.
The RLF will support businesses facing obstacles to obtaining traditional bank financing and U.S. Small Business Administration loans to help them grow and create new jobs and economic opportunities. This EDA grant will be matched with $536,851 in local funds.
“Through the Investing in America agenda, the Biden-Harris Administration is making the investments we need to build an economy that works for everyone,” said Secretary of Commerce Gina Raimondo. “This EDA grant will provide needed capital to small businesses and entrepreneurs in Northern Tennessee, creating jobs and a stronger, more robust regional economy.”
According to the EDA news release announcing the award, the project was made possible by the regional planning efforts led by the GNRC. EDA funds GNRC to bring together the public and private sectors to create an economic development framework that strengthens the regional economy, supports private capital investment, and creates jobs. The project will cover Cheatham, Davidson, Dickson, Houston, Humphreys, Montgomery, Robertson, Rutherford, Stewart, Sumner, Trousdale, Williamson, and Wilson Counties.