Up to $35K in Grants Available for Underserved Entrepreneurs
Grant and loan opportunities are coming to the underserved entrepreneur community in Nashville, Davidson County. This is a great opportunity to get on the radar of Pathway Lending get prepared now. Pathway Lending is looking to help Vetran, LGBTQIA+, Latinx, Women, Asian, Black owned small business communities with a new program that will be announced soon.
Pathway Lending has a mission to provide lending solutions and educational services that supports the development, growth, and preservation of underserved small businesses, affordable housing, and sustainable communities. They are financing businesses and strengthening communities.
A contact at Pathway told Nodat that $18M has been set aside to provide $9M in grants and $9M in loans for entrepreneurs in low-income areas. To see if you qualify for the grant and loan see below. The application submission date has not yet been released. So, sign up for Pathway’s email list to make sure you Nodat.
Pathways Grant & Loan Eligibility Criteria
NSBRF Grant Program
Application window will be open for 30 days. $9 million in funds are available.
How much can you Receive?
- $5,000: if 2021 gross receipts between $10,000 – $50,000
- $10,000: if ’21 revenue between $50,001 – $100,000
- 10% of revenue: if ’21 revenue between $100,001 – $349,999
- $35,000: if ’21 revenue between $350,000 – $1,000,000
To capture the maximum award amount, business must demonstrate equivalent expenses during the period July 1, 2021 to April 30, 2022. Eligible expenses include:
- Payroll
- Utilities
- Insurance
- Rent or mortgage (for Davidson county properties)
- HVAC related
- PPE
- Machinery or equipment
- Supplies and materials required for COVID19 safety
- Others, as approved
Eligibility
- Currently active and open, with at least 12 months of continuous operation since 9/30/2020
- Have physical location and postal address in Davidson County
- Employs 50 or fewer employees
- Be for-profit entity with gross revenues no less than $10,000 and no more than $1,000,000
- Operates locally with independent local owners
Documents You Will Need
- Davidson county business license
- State of TN business registration or Certificate of Existence
- 2021 Tax Return (1040 Schedule C or federal small business tax return forms 1120 or 1065)
- Unexpired government-issued identification with residential address and photograph such as drivers license or passport
- Third-party applicant authorization form completed and signed, if applicable
- Voided bank check for business checking account
If you don’t have 2021 tax return yet, you can provide one of the following instead for revenue verification:
- 2021 State of TN F&E tax form
- Internally prepared financial statements such as income statements generated by QuickBooks or other bookkeeping software
- Statements exported from Paypal, Venmo, Cash App, or other payment, delivery, and service apps
If you don’t have 2021 tax return, you can provide the following instead for expense verification:
- Payroll records
- Individual receipts
- A copy of the lease agreement
- Rent or mortgage payment statements
- Bank statements (with detailed explanation of expenses)
NSBRF Loan Program
A few quick notes about the loan program, we know less about it since the focus has been on preparing for the grants.
- $9 million in loan funds are available.
- The NSBRF loans will be between $5,000 and $200,000, 2% interest, 5yr term.
- Payments can be deferred for up to 12 months.
- Loan amount cannot exceed 20% of 2021 revenue.
- Businesses can EITHER receive an NSBRF grant OR an NSBRF loan. Businesses that receive an NSBRF grant can still apply for a conventional Pathway loan.
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