NEW FUNDTENNESSEE PROGRAM FOR SMALL BUSINESSES
Small businesses sometimes need big funds. The new Fundtennessee program is designed to support small business owners. Commissioner Stuart Mcwhorter of the Department of Economic and Community Development explains how.
“So, the FundTennesse program is a program that the state is partnering with the federal government, U.S. Treasury, to deploy capital essentially in the state of Tennessee, just like many states, but Tennessee in particular.”
The commissioner realizes it can be a struggle for a business owner to start out.
“It's just hard to get access to capital for entrepreneurs or small businesses. So, this program is something that we the state applied for the U.S Treasury, and we were awarded $117 million. It was based on a formula, and we have the ability the state was given this grant, essentially that will allow us to loan or invest in equity in these small businesses.”
Today’s informational meeting was all about spreading awareness of the program. There are still a lot of questions to be answered and federal guidelines to uphold in order to distribute the money. If you would like more information the FundTennessee program you can visit fundtennessee.org.