Small Business Development loans are currently available to assist City of Tullahoma small business owners. Low interest rate loans are available primarily for capital improvements and equipment purchases. Loan amounts can be from $5,000 to $15,000. Loans must be secured with either equipment or real property as collateral.
To be eligible, a business must be located in the City of Tullahoma, have less than 50 employees, and annual revenues under $1 million. Interest rates are set at 4% below prime with a floor of 1%, adjusting annually, with three to five years terms for repayment.
Applications are available at the Tullahoma Municipal Building, 201 W. Grundy Street, or may be requested by contacting the Finance Department at (931) 455-2648 or e-mail debigraham@tullahomatn.gov. There is a $25.00 application fee and additional charges for a credit report and UCC lien filings. Applications will be reviewed by the Business Loan Committee.
Small Business Loans for Tullahoma Businesses
