NASHVILLE, Tenn. (WTVF) — Nashville small businesses are splitting millions of dollars in grants. Mayor Cooper announced the relief was spread throughout several hundred in the area.
The relief will help more than 450 small businesses in their long-term recovery from the pandemic. The $9 million comes from the Nashville Small Business Recovery Fund using federal funds from the American Rescue Plan.
Recipients received an average of $17,500 they will not have to pay back. The city prioritized $2.5 million dollars for North Nashville, $3.5 million for distressed areas and the remaining $3 million for the rest of Metro.
One of the businesses benefiting from a grant is Papa Turney's BBQ near Percy Priest, but these aren't just for restaurants. The grants are going to businesses of all types.
"In a world where operating a small business was already difficult, the pandemic pushed many folks to the limit," said Mayor John Cooper. "Across industries and neighborhoods, the entrepreneurs started their businesses here in Music City and faced tremendous challenges brought on by the once-in-a-generation pandemic."
Eligible small businesses can still apply for loans at 2% interest from the $9 million loan program that opened for applications alongside the grant program earlier this summer. Unlike the grant program, there is no deadline to apply for the loan program, and applications will remain open while funds are available.
"I’m proud we’ve been able to design a program that efficiently and effectively gets federal dollars to the small businesses around Nashville that need it. For those business owners and entrepreneurs who still need a little extra help, you can apply right now for a loan with below market-rate interest levels to kickstart your business," the mayor said.
Small businesses that didn't receive a grant can apply for low-interest loans here.
