Yes. The COVID-19 Recovery Loan Program is only open to existing for-profit small businesses as defined by the Small Business Administration, and the business must be located within the 13 county GNRC lending area.
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No, the loans provided to small businesses through GNRC’s CARES Act RLF loan program are not forgivable.
Yes, receipt of an SBA Economic Injury Disaster Loan or SBA Paycheck Protection Program loan or any other public assistance does not impact eligibility provided those loans are in good standing and RLF funds are not used for identical expenses or to make payments on or refinance existing loans.
No, COVID-19 Recovery Loans are only for existing businesses that had revenue at least for the full year prior to the initial COVID-19 emergency declaration on March 22, 2020. GNRC does offer other loan programs that assist start-up businesses acquire fixed assets such as equipment and commercial real estate. For information on other programs, please visit https://www.gnrc.org/212/Small-Business-Lending
All eligible small businesses in Middle Tennessee are encouraged to apply. The industries and business sectors targeted experienced significant disruptions from COVID-19 related closures and cancellations.
Loans will be collateralized with business assets potentially including real estate. GNRC also requires personal guarantees.
GNRC is offering loans with zero interest for the first 24-months. The monthly payment will increase after two years because it will include both principal and interest.
No, the proceeds may not be used to refinance or make payments on existing debt.