On June 29th, Pathway Lending started accepting applications for small businesses to apply for a Nashville Small Business Recovery Fund (NSBRF) grant.
Here are the basic eligibility requirements:
2021 Gross revenue between $10,000 and $1,000,000.
Located in Davidson County, TN.
In business before 9/30/2019 and 12 months after the same date.
Business is a sole proprietor, LLC, corporation or partnership.
The amount of the grant awarded to a small business is based upon 2021 Gross business revenue and expenses that the business incurred during the time period March 1st, 2021 through March 31st, 2022.
Businesses grossing between $10,000 and $49,999 are eligible to apply for a $5,000 grant. Gross Income between $50,000 and $100,000 allow businesses the opportunity to apply for a $10,000 grant. Businesses grossing between $100,000 and $1,000,000 can apply for a grant equal to 10% gross revenue. Grants awarded are capped at a maximum amount of $35,000.
As long as you can prove that your business had certain expenses (listed below) during the 3/2021-3/2022 time period, you would qualify for the maximum grant amount based on gross income. Expense categories include:
Owners' compensation.
Utilities.
Commercial mortgage payments.
Rent.
Certain depreciable items.
Fees or commissions paid.
Other expenses necessary for conducting business.
Example #1
Joe’s Donut Shop LLC grossed $450,000 in 2021 and had owners' compensation totaling $75,000 during 3/2021 - 3/2022. Joe’s Donut Shop LLC would be eligible to apply for a $35,000 grant.
Example #2
Same situation above, but the business only grossed $90,000. Joe’s Donut Shop LLC would be eligible for a $10,000 grant.
Keep in mind that your company will pay federal income tax on this grant when filing next year. However, you will not need to pay back any portion of the grant nor will you need to ask for forgiveness etc.
Technically applications need to b in by the end of July 2022, but I expect the grant funding to be depleted very quickly, likely within days of this post. Grants are awarded on a first come first serve basis, so move quickly if you're in need of this small business funding. Call with questions, 615-663-7387.
Here is a link to register and apply for this Small Business Grant in Davidson County, TN.
There is also a FAQ page on the Small Business Grant website for more information.
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