TN.gov Newsroom

NASHVILLE – The Tennessee Department of Economic and Community Development’s Business Enterprise Resource Office announced today three Tennessee small businesses have been awarded an ECD-BERO Rural Micro-Loan. The loan is part of a U.S. Department of Agriculture-funded program that offers $500-$10,000 below prime rate loans to start-up and existing businesses in rural Tennessee.

 

“Small businesses in the rural areas of our state are the foundations for strong communities and vibrant local economies. Job creation is one of Governor Phil Bredesen’s top priorities in these tough economic times, and it’s vital that we help small businesses have the tools they need to succeed and provide jobs,” said Matt Kisber, commissioner of the Department of Economic and Community Development. 

 

Recipients include T&L Bakery Co. in Athens, Hair and Body Image in Kingston and DLB Pressure Washing and Asphalt Sealing, Inc. in Gray.

 

T & L Bakery, Co., owned by Thomas and Laura Pavlou, has been in business for 20 years and is currently in the process of expanding. The company was approved for $10,000, and plans to use their new loan to hire local residents.

 

Hair and Body Image, owned by Stephanie Newton, is a full service salon, providing hair services and beauty products. The business was approved for a $10,000 loan to purchase new equipment and working capital.

 

DLB Pressure Washing and Asphalt Sealing, Inc., owned by Daren Bennett, provides commercial and residential pressure washing and asphalt sealing and coating services. The company was approved for a $10,000 loan to purchase new equipment and working capital.

 

"This micro-loan program is vital to Tennessee's smaller businesses, because fewer financial options, if any, are available to these entrepreneurs during a tough economy with severely restricted lending activity," said Michelle Proctor, BERO director.

 

In addition to financing, borrowers receive technical assistance from BERO for the life of the loan. To apply, a business must have five or less employees (including the owner), live and operate the business in a rural area as defined by the USDA, provide a business plan and agree to work with a BERO Specialist on a monthly basis. 

 

BERO works to expand economic opportunities for small, minority- and women-owned businesses in Tennessee by providing technical, financial and management information assistance. BERO also works closely with the Governor’s Office of Diversity Business Enterprise to assist small businesses with procurement opportunities. To apply or learn more, potential borrowers may contact BERO at 1-800-872-7201 or review the application online at: http://www.tnecd.gov/bero.