Loans & Grants
Resilience often means having the right financial resources to weather whatever comes your way. Read more below for an overview of open federal, state and local funding resources for small business owners and entrepreneurs, including grants, loans, loan forgiveness, awards and competitions.
Shuttered Venue Operators Grant (SVOG) - Small Business Administration
The SVOG provides support to venues whose revenue was negatively affected by COVID-19, including live venue operators or promoters (like theatres and concert halls), theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators (including owners) and talent representatives.
This program is currently open for new applications through Friday, August 20, 2021. Later in August, SBA will open the program for smaller supplemental grants, to those who have already received funds. Details on these supplemental grants have not yet been announced, so keep checking back at SBA.gov.
Restaurant Revitalization Fund - Small Business Administration
This grant opportunity provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. Eligible applicants include restaurants; food stand, trucks and carts; caterers; bars and taverns; bakeries; brewpubs, tasting rooms and taprooms; breweries or microbreweries; wineries and distilleries; and licensed distillery, brewery or other producer where the public may taste, sample or purchase products. This is not a complete list, so explore the SBAs official website for more information.
Loans and Loan Forgiveness
Paycheck Protection Program (PPP) Loan Forgiveness - Small Business Administration
While PPP has closed for applications, borrowers who received and have expended their funding in either round of the program may now apply for forgiveness of their loans. Learn more about the eligibility requirements from the SBA’s website, or contact your lender directly.
COVID-19 Emergency Economic Injury Disaster Loan (EIDL) - Small Business Administration
EIDL provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue due to COVID-19. EIDL Advance loans, for the hardest hit businesses and nonprofits, may not need to be repaid. Learn more at the SBA’s website.
KIVA - CO.LAB
Kiva — an international nonprofit — is an online lending platform for entrepreneurs and small business owners, offering crowdfunded loans. Kiva is hosted locally by CO.LAB. As a response to the global COVID-19 crisis, you can now apply for loans of up to $15,000 at 0% interest on Kiva’s US platform. Learn more at CO.LAB’s Kiva website or by reaching out directly to CO.LAB at (423) 281-0811.
Awards and Competitions
IdeaLeap Grant - TVFCU
The IdeaLeap Grant is an annual competition for small businesses, hosted by the Tennessee Valley Federal Credit Union. Applications are generally accepted from May until early June each year. While the program has closed for 2021, the winners of more than $58K in grants funds will be announced in September; the program . Stay up-to-date on the program via TVFCU’s website.