Free government grants are available for small to mid-sized MWBE businesses in Tennessee. There is financial assistance for minority and female owned businesses, veterans, or LGTBQ+ and the applicant may be given a grant or a loan. Find free small business grants and loans in Tennessee, including from lenders, charities, corporations, and business development centers.
The funds are for any entrepreneur, small business owner (regardless of race), or startup company. However each of the financial assistance programs will be allocated some of the grants and/or loans to minority owned small businesses (including Black, Latino, Asian, LGBTQ) or veteran or female owned businesses. Most of the funds are for businesses in Nashville, Knoxville, or Memphis, but there are funds statewide.
In addition to the free government grants or interest free loans, minority as well as female small business owners are given ongoing support. There are free mentoring and business coaching services in Tennessee; help with creating business plans; SEO and online marketing services; networking events and so much more. The focus is on BIPOC (Black, Indigenous and People of Color) as well as MWBE (Minority/Women-owned Business Enterprises), can loans or grants can help anyone who is qualified.
Small business loans or free grants for females or minorities in Tennessee
As noted, any business can apply, and the free grant as well as loan programs listed below are updated daily. Each agency or lender will allocate some funds to minorities, women, or other disadvantaged businesses such as veterans, Asian, or LGBTQ among others.
November and December 2024
Black-owned businesses in Memphis can apply for 1 of 4 $2,500 grants from All Star Hot Wings. The restaurant is providing funds to black owned brick and mortar locations in the city including food service established or companies in Memphis, and applicants also need to be part of the Black Owned Chamber of Commerce. Learn more or apply here at this link https://docs.google.com/forms/d/e/1FAIpQLSeEXS93yYGeS3XxjSSQ4y4oBvnuGm1g6qqf6_w2oRfW7k7tOA/viewform or https://blackchamberofmemphis.org/
June and July 2024
Businesses impacted by the recent drought (and going back to last year) can get low-cost, or even interest free loans from the Small Business Administration’s (SBA). The money is issued as part of the Economic Injury Disaster Loan program, with funds able to help small businesses with working capital needs. Most of the state is covered by the SBA loan program, but the government will provide details. Find information here. https://www.sba.gov/funding-programs/disaster-assistance
March and April 2024
A business accelerator known as the Darrell S. Freeman Sr. Incubation and Innovation Center is taking applications. The program will provide mentoring, free coaching, and help to people (including students) to launch or grow a business. The program is at Fisk University, a historically Black college. Find details here. https://www.fisk.edu/about/administration/division-of-student-affairs/career-planning-and-development/
January 2024
100 Women Who Care: West Tennessee is providing free grant money to non-profits in the western part of TN. A priority is to provide financial assistance (and other support) to non-profits that help kids, women, and address topics such as income or educational inequality. Multiple grants will be provided, and apply here. https://www.cfwtn.org/100-women
March and April 2023
Launch Tennessee is disbursing grants, loans, and equity investments as part of the State Small Business Credit Initiative. The goal is to help small businesses, companies in rural or low income areas, and the disadvantaged in TN (including business owners with bad credit). Additional federal and state grant money will be for minority and women owned businesses in TN, and additional money is offered to those from the Community Development Financial Institutions (CDFIs) and Tennessee Minority Depository Institutions (MDIs). Contact Launch TN for more details. https://launchtn.org/
January and February 2023
City of Galesburg has $10,000 grants, with a focus on women, minorities and entrepreneurs of people of color. Applications are processed by the Knox County Area Partnership for Economic Development. The money is for new businesses, start ups, and qualified people who are launching a company. The financial assistance program is known as the New Business Incentive Programs. Apply here https://www.ci.galesburg.il.us/news_detail_T2_R229.php
865 Opportunity Loan funds is for small businesses in the counties of Anderson, Blount, Grainger, Jefferson, Knox, Loudon, Roane, Sevier and Union. Low-cost loans, free mentoring, grants and more will be provided to small women and minority owned businesses in those counties, with much of the funding in the Knoxville TN region. Get details here. https://www.pathwaylending.org/865fund/
July and August 2022
Nashville and Davidson County small businesses can apply for Nashville Small Business Recovery Fund. The government American Rescue Plan Act is being used to help small businesses, including women, veteran, and minority owned, get the capital they need. A combination of free grants and/or low interest rate loans may be issued, with some businesses able to get tens of thousands of dollars in financial assistance. Pathways Lending is processing applications, and continue reading here. https://www.pathwaylending.org/nashville/
June 2021
Pathway Lending, in Chattanooga, will be lending a total of $7.5 million to minority and underserved businesses in Hamilton County as well as Chattanooga. Any small business can apply, regardless of religion or race. Some of the loans will be held back and reserved/paid out to women and/or minority owned businesses. They also offer COVID relief, invest in start ups and other financing solutions. Read more. https://www.pathwaylending.org/
April 2021
Davidson County and Nashville Black entrepreneurs and start ups can apply for (1) a pitch program and (2) free grants. Cummins as well as the Nashville Entrepreneur Center are running a “competition” called Pitch for Good. Winners with the best business idea, plan, and potential will be given grants to help fund their business. Apply here. https://form.jotform.com/210828321150141
January 2021 and February 2021
Small businesses located in Memphis can get financial help from a program known as EDGE – Economic Development Growth Engine for Memphis & Shelby County (EDGE). Over 80% of the funds paid out from EDGE in the past have gone towards Black, Latino, Female, Asian, and minority owned businesses. $5,000 to $10,000 can be paid out for each qualified business and the money can help pay a variety of bills. The funds are for local business owners – not national organizations. Read more. http://www.growth-engine.org/business-assistance/tax-incentives/edge-neighborhood-emergency-economic-development-need-grant/
December 2020
The state is providing $50 million in funds in total to small business across Tennessee. It is to help pay the bills and debts that businesses may have incurred due to business shut downs, COVID, extra expenses, and more. This is a government grant program. At minimum 10% of the funds will go to women, minority, veteran owned businesses. The free government grants can pay for payroll costs, rent, mortgages, utility bills, etc. Each applicant can get up to $30,000. Read more https://tncaresact.tn.gov/serg
Black Business Association of Memphis is offering small dollar grants (of up to $300) for black women and male owned businesses. There are also mentoring, coaching, and technical assistance programs. The free grants are only for certain types of industries in Memphis and Shelby County, including cosmetologists, estheticians; personal trainers; hair braiders; barbers; make-up artists, massage therapists; hair stylists; and nail technicians among others that were hit hard by COVID-19. Read more or apply. https://bbamemphis.com/covid-19-fund/
By Jon McNamara
