The Nashville Minority Business development Loan Fund (NMBDLF) is a loan program of the Nashville Minority Business Center, which was created from a progressive partnership of the City of Nashville, Metropolitan Development and Housing Agency, Regions Bank, Sun Trust Bank, Bank of Nashville and Vanderbilt University.
PURPOSE: The purpose of the fund is to facilitate economic development, particulary in targeted Metropolitan Nashville Census Tracts by making credit available to small businesses located within those areas.
AMOUNT: Generally loans range from $25,000 to $75,000. FEES: A $250.00 non-refundable loan application fee must be paid when the loan application is evaluated.
Closing cost will be determined based on loan requirements.
These costs are the responsiblity of the borrower.
RATES: Generally rates will range from 1.25% to 4.25% over prime.
USE OF PROCEEDS: Loan proceeds may be used for working capital, inventory, supplies, furniture, fixtures, machinery or equipment.
Generally, the use of loan proceeds for any legitimate business purpose is permitted.
TERM: The maximum term is five years.
Nashville Minority Economic Development Center
Address: 223 Rosa L. Parks Ave., Suite 205