Entrepreneurs in Tennessee should check out the Rural Small Business and Entrepreneurship Loan Fund of the Tennessee Department of Economic and Community Development. The purpose of the loan fund is to help small businesses throughout rural Tennessee grow and maintain their businesses. The loan fund provides an alternative source of capital to business owners who can’t get conventional bank loans and don’t want to use credit cards. Technical assistance is also provided.
Typical clients are small businesses that
-have five or fewer employees, including the owners.
-have more than one year in business.
-generate enough business income to support their expenses.
-have good or mixed credit.
Loans can be used for business expansion, equipment and machinery, inventory or working capital, tenant improvements, and commercial business vehicles. Amounts range from $500 to $10,000 for a term of 6 months to 5 years. The website includes a handy loan calculator that allows users to estimate the monthly payment by changing the loan amount, interest rate, and years. Click here for information on how to apply for a loan.
