City loan effort
A proposed new loan initiative aimed at bolstering existing small businesses and neighborhoods was rolled out Monday by Chattanooga Mayor Andy Berke.
The Neighborhood Reinvestment Fund is slated to use $500,000 in city money to help small businesses with so-called "hard" costs, such as facility renovations, equipment and inventory acquisition and even website development and marketing.
Loans will require matching funds from the business in these amounts:› $500 to $5,000 loan: 12 percent match› Above $5,000 to $15,000: 18 percent› Above $15,000 to $25,000: 25 percentSource: City of Chattanooga
In the first year, Berke said he expects more than 10 companies to take advantage of the effort that could provide individual businesses with loans of up to $25,000.