Rutherford County, TN—(September 30, 2021) Rutherford County Mayor Bill Ketron announces the availability of CARES Act Revolving Loan Funds (RLF) for eligible small businesses in Rutherford County.
“Many of the small businesses in our community have experienced firsthand, the detriment of the pandemic and its affects both direct and indirect on their operations and income,” said Mayor and GNRC Executive Board Member Ketron. “Many had to close for an extended period of time, some even shutting their doors permanently as a result, and some continue to see struggles with staffing and payroll. We are grateful that our partners with the GNRC are facilitating these loans for our small businesses.”
Recent amendments to the CARES RLF program make it possible for start-up companies to apply and allows eligible business owners to apply for loans up to $500,000. Loans are interest-free for the first two years. After the 24th month, GNRC will charge no less than four percentage points below the lesser of the current money center prime interest rate quoted in the Wall Street Journal.
For more information, business owners may contact the Mayor’s Office at (615) 898-7745 or visit: GNRC.org/RLF.
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The COVID-19 Recovery Loan Program is open to 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 document economic loss or other impact due to the COVID-19 pandemic
• Must qualify as a small business using the SBA standard for this determination.
• Have employee retention and/or hiring plans
• Meet minimum credit criteria