News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
The Biz Foundry will receive $4 million in seed investment funding through a new federal loan program bringing $117 million statewide.
State Department of Economic and Community Development Commissioner Stuart McWhorter (Mc-Horter) introduced Fund Tennessee to the Upper Cumberland Wednesday.
McWhorter-1 (:15) Q. Tough In Tennessee
The program is divided into three sections for lending, investing and assistance for small businesses. Seven regional entrepreneur centers like the Biz Foundry divided $28 million meant for start-up investments.
Another $42 million will be available statewide for existing industries and venture capital. About $47 million allocated for loans statewide as well.
The money comes from federal COVID funding that was just approved Monday. McWhorter said criteria such as unemployment, disadvantaged individuals and communities decided the state’s share.
Applications will be available soon but an exact timeline is known at this time. McWhorter said a new website will role out soon sharing more information.
