Small Business Grants in Tennessee (TN)

Securing a small business grant in Tennessee involves identifying the right opportunities, understanding the eligibility criteria, and preparing a compelling application. Here are some of the most relevant opportunities and steps to secure them:

Tennessee Department of Economic and Community Development (TNECD) FastTrack Economic Development Fund
This fund supports job creation, business expansion, and economic growth in Tennessee. It offers grants to local governments and businesses for infrastructure improvements, workforce training, and other economic development projects that directly benefit small businesses in the state.

Small Business Innovation Research (SBIR) Program
Federal small business grants in Tennessee may also offer grants to businesses, particularly those that contribute to the community’s economic development or create jobs. The SBIR program is one such opportunity.

TNInvestco Funding
TNInvestco provides funding to small businesses that have the potential to transform the State of Tennessee’s economy. To be considered, your business must be headquartered in Tennessee, have at least sixty percent of its employees located in Tennessee, and have not more than one hundred employees. There are also restrictions on the type of businesses that can apply.

Tennessee Placemakers Entrepreneurship Fund
While the Main Street Entrepreneur Grant has been discontinued, similar projects can be funded through the TN Placemakers Entrepreneurship Fund. This program offers resources dedicated to assisting communities across the state to develop and train small businesses and entrepreneurs.

Rural Business Development Grants in Tennessee
The Rural Business Development Grant (RBDG) program provides grants for community projects that serve rural areas. These grants may be made to a public body or other eligible entities for the development or improvement of small and emerging private businesses in rural areas.

Launch Tennessee SBIR/STTR Matching Grants
Launch Tennessee offers a grant-matching program that increases the amount of funding entrepreneurs are awarded, positioning them for greater success as they commercialize their products. This program has awarded matching grants to several companies, including those led by women, veterans, and minorities.

Each grant opportunity will have its own specific application process. Generally, you will need to research the grant, gather necessary documents to support your business’s eligibility and financial standing, and submit a detailed application. For example, the TNECD FastTrack Economic Development Fund requires a Letter of Intent and an aerial photograph with site boundaries outlined. The TNInvestco funding requires a form to be filled out and submitted directly to the TNInvestcos for their review and consideration.

Remember to stay proactive in seeking knowledge and support. Attend workshops, seminars, and events focused on small business grants. These gatherings provide opportunities to learn from experts, network with fellow entrepreneurs, and gain insights into the latest grant programs and application strategies.