Memphis businesses can benefit from new state loan program

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MEMPHIS, Tennessee – In the face of COVID-19, more and more small businesses in Tennessee are lining up for a lifeline.

Governor Bill Lee announced the Tennessee Business Relief Program on Tuesday. The program will inject $ 200 million into small businesses across the state.

Many businesses suffering here in Memphis say the money is desperately needed.

To say that COVID-19 has changed things at Tamboli’s Pasta & Pizza on Madison would be an understatement.

“It was dramatic,” said owner Miles Tamboli. “We had to change everything we do.

Tamboli said that in order to survive he was forced to change his business model from a small food court to a building with a terrace and outdoor seating that will allow more distance between customers.

He also opened a market inside to sell all of their ingredients.

“We always send them home with a hot pizza, but we can also provide them with the basic foods they need,” Tamboli said.

He says this would not have been possible without the help of the Small Business Administration in obtaining loans.

“The funding from the SBA has really helped us cover our basic needs so that we can move forward into the future,” he said.

It’s a story Rory Thomas hears every day as the executive director of the SBA, Tennessee Small Business Development Center.

“We’ve been inundated with many calls,” Thomas said. “People who sign up for counseling, registration, counseling and training. “

Businesses have questions about loans and stipulations.

Now there is even more money available.

“As Congress continues to provide advice on how this money can be spent, we all agree that it is essential to provide immediate relief to Tennessee businesses,” Lee said while announcing the program. State.

The Tennessee Department of Revenue administers this loan.

But Thomas said the key to any loan is to start applying and see what programs you can apply to.

More information on the Tennessee Business Assistance Program will be posted on the Department of Revenue’s website in the coming days.

For a link to the Small Business Development Center for other loans, visit www.tsbdc.org

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