Small businesses and entrepreneurs in Tennessee are on the cusp of tapping $117 million of aid — and an upcoming Nashville meeting will spell out all the details.
Officials plan to divide the new federal money among equity investments, loans and "technical assistance to help entrepreneurs and small business owners to become capital ready."
The majority of U.S. states have received their funding by now, though the U.S. Department of the Treasury has not yet formally approved Tennessee's plan. It appears very close to doing so, and meetings have been set statewide to explain what's formally called the State Small Business Credit Initiative (SSBCI, in shorthand).
The funding is emerging at an important time: Business owners continue to confront an unsettled economy that shows signs of growth yet still gives rise to forecasts of a recession in the months ahead.
The free, local March 1 meeting will be led by Stuart McWhorter, commissioner of the state Department of Economic and Community Development, as well as Lindsey Cox, CEO of LaunchTN.
More information can be found here.
