GNRC is responsible for administering a Revolving Loan Fund (RLF) for the special purpose of providing access to capital for small businesses impacted by COVID-19. Eligible business owners may apply for loans up to $250,000. The loan costs and requirements have been reduced, including:
- No interest for the first 24-months.
- Application and upfront fees waived.
- No requirement to leverage additional capital
- No requirement to demonstrate credit is otherwise not available
The COVID-19 Recovery Loan Program is open to existing small businesses located in at least one of the following counties: Cheatham, Davidson, Dickson, Houston, Humphreys, Montgomery, Robertson, Rutherford, Stewart, Sumner, Trousdale, Williamson, and Wilson; Applicants must meet all of the eligibility requirements below:
- Must be able to provide evidence of revenue loss since the start of the COVID-19 pandemic
- Must qualify as a small business using the SBA standard for this determination.
- Have employee retention and hiring plans
The COVID-19 Recovery Loan can be used for the following projects:
- Acquisition of owner-occupied building, office, condo, or land
- Construction or rehabilitation of facilities
- Site improvements; Infrastructure or Utilities
- Machinery or Equipment Purchase
- Training (specific to business’s COVID-19 recovery plan)
- Working Capital
Applications for the COVID-19 Recovery Loan open on December 1. Pre-qualification criteria must be met before completing the application.
A free informational webinar will be held on December 1, 2020, to provide more information on the Recovery Loan, and application process, we encourage you to join us. To reserve your spot, please register here.