Small & Minority Owned Company Loan. Lending for the purchase of real-estate is excluded from acceptable uses of funds.
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What exactly is SMOB?
The Small or Minority-Owned Business Assistance Program offers a statewide platform that 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 assistance to Qualifying Businesses in two main areas, Program Services and Loans.
“Program Services” provides usage of a range of technical help, training, and services that are consulting Qualifying Businesses that could or might not make application for Loans beneath the system.
“Loan” means that loan for the certain task for that the applicant has requsted Program Assistance. Listed below are appropriate purposes which is why a loan might be produced:
Lending when it comes to purchase of property is excluded from appropriate uses of funds.
Program Function and Eligibility
The Small and Minority-Owned Business Assistance Program is made by the Tennessee General Assembly by Chapter 830 regarding the Tennessee Public Acts of 2004. This program was created to support outreach to https://maxloan.org/installment-loans-mo/ brand new, expanding, and current Qualifying companies in Tennessee that don’t have access that is reasonable capital areas and conventional commercial financing facilities.
A Qualifying Business is really a Sole Proprietorship, a Partnership, a Limited Liability Partnership, a Limited Liability Corporation, or other entity that is incorporated to accomplish company in Tennessee; and it is based in and keeps operations in Tennessee with yearly gross receipts of lower than $4,000,000.Continue reading