Find year round free grants, loans, and business coaching programs
Find details below by city, region, or category. These will be non-profits, corporation or other places that give financial assistance as well as ongoing support to MWBE owned businesses in TN. Or continue to scroll down the page for more resources that are offered by month.
Statewide resources for Tennessee minority, veteran, and women owned businesses
Boomin Bank Loan Fund is providing 0% interest rate, revolving loans, to Black owned businesses in TN. They also offer other services such as Boomin University, Marketing, Coaching and more. The financial help (0% loans) is done in partnership with KIVA. Find details here https://blackbusinessboom.com/boominbankloans/
Chattanooga, Knoxville and Nashville area businesses can apply for Pathway Lending Flex Fund. it is a source of Capital that combines low cost (or even 0% interest loans) with equity conversions. There is a Veteran Outreach center, information on free government grants when they are released, SBA loans and a women’s center. Other assistance is given too, including advice. Learn more here. https://www.pathwaylending.org/
Communities Unlimited is a regional non-profit that also provide assistance in TN. There are microloans (including for borrowers with no or poor credit scores) as well as coaching, counseling, and free advice. The non-profit helps minorities, rural owned companies as well as small women-owned businesses. Read more on the non-profit here. https://communitiesu.org/
TN Minority Business Alliance is a charity organization that operates statewide. There is a small monthly fee to join, but members can get free mentoring, networking services, as well as information on and access to grants, loans, and funds for their business. There is a free trial period as well, but the organization advocates and tries to help disadvantaged businesses in TN start, grow, and get the capital they need. Learn more. https://tmbaclarksville.mn.co/
Chattanooga and Hamilton County area
Chattanooga based businesses can turn to the United Way for assistance. The non-profit is helping Black, Low income, and Minority businesses (among others) apply for loans, free grants, and other support. There are workforce development programs, an Entrepreneur Center, sales and marketing help, and more. The goal is to help all businesses, with a focus on disadvantaged ones, grow and be successful. Find details here. https://www.ulchatt.net/
Chattanooga startups can also try CO.LAB. They assist with all phases or starting a business. They also help facilitate 0% APR microloans from Kiva, as the company is a trustee. There are also various accelerator programs for MWBE businesses including for consumer product businesses, outdoor product focused companies, and there is also a gig-tank, 365 degree mentoring service. Other assistance, including information on grant funding, is offered too. Continue reading. https://colab.co/
Women’s Fund of Greater Chattanooga (WFGC) helps women, girls no matter their race or religion meet their goals. As part of this is economic development as well as help with a businesses – starting one, raising money and more. Get details here. https://www.chattanoogawomensfund.org/
Knox County grants and loans as well as free coaching
The Kingsport TN, Appalachian Highlands Women’s Business Center provides help to women, vets, minorities and businesses owned by people of color. The Chamber of Commerce is a key partner as well that gives out grants and support, and they partner with the Appalachian Highlands Women’s Business Center. Find details on all these services here. https://www.kingsportchamber.org/
Galesburg and the Knox County Area Partnership for Economic Development have various assistance programs for MWBE and low-income/disadvantaged owned. they include, but are not limited too, the Minority Business Collateral Program as well as grants from the Minority/Woman-Owned Business Startup Assistance Program. All businesses need to be located in the Galesburg TN region. Find details on the funds, grants and loans here. https://www.ci.galesburg.il.us/government/community_development/economic_development/business_incentives.php
Knoxville Black owned businesses can get assistance from 100Knoxville. This is an ongoing, quarterly program that has a goal of increasing the number of, and success of, Black owned businesses in Knoxville. The program is run in partnership with First Bank and quarter a number of Black owned businesses can apply for grant money, get help with creating strategy as well as IT/technical assistance and more. Free mentoring is also given, and find details on 100Knoxville here. https://100knoxville.com/
Memphis region loans, free grants, and financial assistance
Entrepreneurs Network Center is known as a One Stop Shop. It provides a number of services to small businesses, specifically MWBE and veteran owned. They offer free counseling services as well as information on various low cost or interest free loans, such as Contractors Assistance Program (CAP) or the Grow Memphis Fund. There are also free seminars, specialized training (including for entrepreneurs), help with paying for and understanding inventory and much more. Read about the Center here. https://www.memphistn.gov/business/entrepreneurs-network-center/
The City of Memphis, Goldman Sachs, Historical Black Owned Colleges, and Hope Enterprise are working together to help Black women and male owned businesses. Qualified start up companies, or small businesses, can get small dollar loans. Other assistance ranges from business classes to coaching, help with procurement in Tennessee and more. Read more on the Collaborative. https://hopecu.org/deep-south-economic-mobility-collaborative/
Greater Memphis Chamber of Commerce has a wide variety of assistance programs available for small businesses, with a focus on minority and women owned. There will be grants, equity investments, a Center for Economic Competitiveness and other resources. The goal is to help small businesses expand and ideally create jobs in Memphis TN. Learn more here. https://memphischamber.com/
Memphis area small businesses, in particular Black owned ones, can get financial help, advice, and coaching from the Entrepreneurship Powered Innovation Center (Epicenter). Over 50% of their clients are minorities, mostly Black business owners or start-ups. There is help in applying for loans, government grants, technical advice and other support. A major focus is on entrepreneurs too. More information is here. https://www.epicentermemphis.org/
Memphis and Nashville businesses (as well as outlying areas) can get support from the Tennessee MBDA Business Center, or Minority Business Development. They help minority companies get capital (loans and grants), create and retain jobs, and get other help. Both entrepreneurs and current small business owners can turn to the center. Read up on them here. https://www.mbda.gov/business-center/tennessee-mbda-business-center
The MMBC Continuum is a minority business accelerator that is operated as a non-profit. The agency helps with strategic planning, operates a low cost and in some cases forgivable (0%) loans, has various training and development programs and other services for businesses owned by people of color. They focus on Memphis TN and surrounding communities. Learn more here. https://www.mmbc-memphis.org/index.html
Nashville area small business programs for women and minorities
Nashville Corner to Corner is a multi-faceted non-profit that offers many services, one of which is entrepreneurship for MWBE businesses. The main service for women, Black, and minority businesses is The Academy Program. It is a multi-week class and workshop to help people start a business, gain new skills, learn and more. As part of this low interest rate loans may be offered too. Often the graduates will be given some funding for their business. Find details here. https://cornertocorner.org/programs/the-academy/
Nashville Business Incubation Center is an organization of small to mid sized business owners and entrepreneurs in Davidson County. There are also local, “established” minority and women business owners involved. The organization helps businesses increase sales, network, get free coaching from successful business owners, access government grant programs and so much more. It is a working space and the goal is to take a holistic approach to help people start or grow a business. Get details here. https://nbiconline.com/
Nashville Entrepreneur Center offers a number of assistance programs, including the Twende program which helps businesses owned by people of color. There is individualized mentoring programs, counseling, information on grants or low cost-interest free loans and other support. A major focus is on technology, health care, and other “cutting” edge industries. Twende is run in partnership with corporations such as Cummins, Verizon Wireless, UBS, the state of Tennessee, LBMC, Wells Fargo, Citizens Bank,, AT&T, Butler Snow and others. Read more on the center here. https://www.ec.co/
Williamson County Black Owned businesses can get assistance from the Black Business Coalition. Various minority (Black) owned leaders, business owners, corporations, and others partner together to support each other. Learn about grants, workshops, professional development opportunities, networking, low cost loans and other local resources at the coalition. Learn more. https://williamsonchamber.com/bbc/
By Jon McNamara