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)