Tennessee’s Department of Economic and Community Development keeps an extensive library of easy-to-browse resources, including mentorship programs and some granting initiatives. The Tennesseed Fund is an organization aimed at setting up small businesses with interested angel investors. The Nashville Entrepreneur Center is an amazing accelerator program for Nashville-area small business owners, especially those in their early stages.

In effort to revitalize the Nashville economy following the pandemic, the city offers grants for small businesses operating in the metro Nashville area. In addition, USGrants.org lists a bevy of grants available for Tennessee businesses, especially those involved in agriculture or childcare. The United States Department of Agriculture (USDA) also offers some grants for farmers in rural parts of Tennessee on a rolling basis.

In order to qualify for a loan in Tennessee, you first need to decide on a corporate structure, such as an LLC or S-Corp. Depending on your structure, you might need to register with the Secretary of State. Note that, if your business earns more than $3,000 in annual taxable income, you will generally need to apply for a business license in Tennessee. Once your business is legally created, you can apply for funding. For this stage, you’ll need to gather your business plans, company financial data, and your credit report, since most financiers will base qualification decisions on these documents.

It is well worth it to spend time on determining what loan is best for your Tennessee small business. Consider interest rates, fees, how long it takes for the loan to mature, and how the loan can help you take advantage of Tennessee’s thriving economy. Additionally, you should also look at how long it takes for the financier to make approval decisions. You can find much of this information in minutes, at no cost, using the Lendio platform.

Because of its low cost of living and low business tax rates, a Tennessee business loan can theoretically help your company more than the same amount in a more expensive, high-tax state. Remember, too, that Tennessee is a tourist hotspot and has some of the biggest centers of commerce in the South. This makes the state an ideal place for a business loan to take your business dreams further, faster.

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.