New small businesses that haven't been able to lock in loans might now be able to.
Tennessee Small Business Development Centers and Pathway Lending have partnered to offer loans of up to $100,000 at an interest rate of 7.75 percent to small businesses that are at least 24 months old.
Ready.Fund.Grow!, as the program is called, will be a boon to emerging companies that can't get bank loans, aren't keen on creating crowdfunding campaigns or don't want the big bucks of investors.
"Maybe their credit score is not that great. Maybe they're not as financially strong as most financial institutions want them to be," said Ivette Rios, small business specialist with the Tennessee Small Business Development Center in Chattanooga.