Metro results in compact company recovery fund for Nashville

NASHVILLE, Tenn. (WTVF) — Metro Council accredited a $20 million approach to support little companies bounce back again from the pandemic.

The funding centered on organizations in North Nashville and other distressed regions in Metro.

The plan was presented at the council meeting below the steering of Courtney Pogue, director of financial and group growth.

Small business owners say this could go a prolonged way.

“I consider it’ll support tremendously the little firms close to primarily smaller African American enterprise,” Greg Johnson, owner of Get Chopped in Bordeaux.

Johnson has been chopping hair for 12 many years. It was past December when he moved his barbershop Get Chopped to its current locale in Bordeaux.

“Yeah, I grew up in Bordeaux right here. So it feels good to be back out this way.”

But staying a boss for the duration of a pandemic hasn’t always been hectic for Johnson and numerous others.

“I used for a single of the COVID relief financial loans final 12 months, and with everything becoming so tied up by the time I guess mine arrived down the pipeline, they said the money are gone,” Johnson stated.

The software will also go over specialized aid, internet marketing and outreach to little firms in the Metro.

Johnson suggests he previously imagining of means to split the dollars if he receives accredited.

“Mentoring, classes to aid people with little organizations make it via tough moments. I feel they would enable a whole lot,” he claimed.

HOW THE Dollars Functions

The $20 million will divide up into three applications: $9 million will aid a grant program to provide fast money support to organizations in need to have.

  • $2.5 million go toward smaller organizations in North Nashville/Bordeaux.
  • $3 million go for distressed locations of Davidson County.
  • $3.5 million would be made use of for firms through the county that satisfy the suggestions of the application.

An additional $9 million will go to a financial loan application dubbed the Nashville Opportunity Fund, which will be managed by Pathway Lending. At least $2.5 million will emphasis on providing financial loans to businesses in North Nashville/Bordeaux, and the stability of the method resources would be readily available to all enterprises during the county that meet up with the prerequisites of the application.

A different $2 million will go towards advertising and marketing outreach and specialized assistance assistance for little businesses.

Last but not least, $2 million would go towards the nonprofit group to supply complex guidance, advertising and marketing and outreach to tiny businesses in Nashville and Davidson County.

Mayor John Cooper authorised the strategy.

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