U.S. Department of Commerce Invests $2 Million to Capitalize a Revolving Loan Fund and Support Small Businesses in Nashville, Tennessee
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the Greater Nashville Regional Council in Nashville, Tennessee, to capitalize and administer a Revolving Loan Fund (RLF) serving small businesses in thirteen counties throughout Northern Middle Tennessee.
The RLF will support businesses facing obstacles to obtaining traditional SBA and bank financing 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.”
“The Economic Development Administration is proud to provide strategic, place-based grants which are designed to stimulate entrepreneurial activity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This Revolving Loan Fund will provide the capital that small businesses and entrepreneurs in Northern Middle Tennessee need to grow and thrive.”
This project was made possible by the regional planning efforts led by the Greater Nashville Regional Council (GNRC). EDA funds GNRC to bring together the public and private sectors to create an economic development framework which 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.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.