Tennessee Department of Economic & Community Development Business Loans and Grants

Tennessee Department of Economic & Community Development Business Loans and Grants

When you’re unemployed or underemployed, it is often easy to get caught up in looking for a job. After all, isn’t that what most people do? However, no matter what your experience, there is always another option: starting your own business. The Tennessee Department of Economic and Community Development provides those who would like to start their own small business with loans and grants to get things up and running.

For Those Who Already Have a Business

The state of Tennessee has what is known as the Fast Track Program, which helps companies obtain the resources they need to grow, including developing new branches and hiring new employees. Click here for more information about the grants and loans meant to aid in training and hiring new employees: FastTrack Job Training Assistance Program

There are also several energy loan programs in the state that help new business owners and existing businesses afford energy saving projects. The Energy Efficiency Loan Program helps companies finance investments into new energy efficient technology, retrofitting existing equipment, and implementing renewable energy systems. The loans are typically offered with interest rates below market value, and it is possible to receive 100% funding.

For New Businesses

In order for the economic environment of Nashville to grow, Tennessee offers several different loans for new small businesses, making starting your dream just a little bit easier. The Rural Small Business and Entrepreneurship Loan Fund helps finance new businesses with less than five employees. In addition to this, the Private Activity Bond is available to help new businesses fund construction projects and equipment purchases.