Small & Minority Owned Company Loan. Lending when it comes to purchase of real-estate is excluded from appropriate uses of funds.
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What exactly is SMOB?
The Small or Minority-Owned Business Assistance Program supplies a platform that is statewide fosters the rise and growth of tiny and minority-owned organizations in Tennessee. The Program places focus on the stage that is preparatory of or expanding a company by making sure adaquate planning and funding are taken into account.
The SMOB Program provides assist with Qualifying Businesses in two areas that are primary Program Services and Loans.
āProgram Servicesā provides usage of a range of technical assistance, training, and services that are consulting Qualifying Businesses that will or might not make application for Loans beneath the system.
āLoanā means that loan for a specific task for that the applicant has requsted Program Assistance. Listed below are appropriate purposes which is why a loan might be manufactured:
Lending for the purchase of property is excluded from appropriate uses of funds.
Program Function and Eligibility
The Small and Minority-Owned Business Assistance Program was made by the Tennessee General Assembly by Chapter 830 regarding the Tennessee Public Acts of 2004. This system is made to support outreach to brand new, expanding, and current Qualifying organizations in Tennessee that don’t have reasonable use of money areas and old-fashioned commercial financing facilities.
A Qualifying Business is really a Sole Proprietorship, a Partnership, a Limited Liability Partnership, a Limited Liability Corporation, or virtually any included entity eligible to accomplish company in Tennessee; and it is based in and keeps operations in Tennessee with yearly gross receipts of not as much as $4,000,000. (more…)