Tennessee small businesses may get boost from new loans

3/28/2011

Small business owners in Tennessee may find it is becoming even easier to gain access to commercial loans as local banks are applying for funds from the U.S. Treasury's $30 billion Small Business Lending Fund, the Nashville Business Journal reports.

Although some lenders, which can include everyone from publicly traded institutions to private, rural lenders, are still concerned about unspecific requirements set forth by the fund, many are at least considering applying for money from the fund. Either way, this can only benefit small business owners who are looking to leverage new commercial loans to expand their existing operations.

"In today's world, capital is very, very important," Richard Herrington, president of Franklin Synergy Bank, which plans to apply, told the Nashville Business Journal.

Acquiring funds is a top concern among small business owners, according to a recent report from Office Depot. The research found that as many as 80 percent of entrepreneurs believe small business lending issues may hold back their companies in 2011.