Prosper: Economic Empowerment and Small Business Development
Every individual in America who possesses entrepreneurial vision, ingenuity, drive and desire should have access to resources needed to establish and grow a viable business enterprise.
“The Urban League loan made it possible for me to get my doors open.”
Nancy Langmaker, owner of Rita’s Ice, downtown Knoxville Rita’s Ice of Knoxville is busy and thriving in its location in downtown Knoxville, thanks in part to a start-up loan provided by the Urban League.
Programs:
Urban League Micro-Lending Program
The Urban League Micro-Lending Program is an economic development program established to provide loans in an amount up to $20,000 to qualified business owners. The program is a joint initiative between Tennessee Valley Authority (TVA) and the Knoxville Area Urban League to create and expand business opportunities for socially and economically disadvantaged persons in Knoxville and the surrounding area.
Loan proceeds can be used for any legitimate business purpose.
Loan Requirements: The applicant must be at least 21 years old, must be the business owner, co-owner or aspiring business owner, and the loan must be for a business purpose. It is expected that the applicant will present appropriate collateral to support the loan, copies of personal and business bank statements, a completed loan application, business references and a business plan.
The Empowerment Zone Small Business Loan Program (EZ Loan Program)
The EZ Loan Program is managed by the Knoxville Area Urban League to provide loans in an amount up to $50,000 to new and existing businesses in the HUD-designated empowerment zone of the city. The Empowerment Zone is a 16-square-mile area that includes downtown and surrounding areas such as Mechanicsville, Old North Knoxville, 4th & Gill, Five Points, Morningside, Old Sevier, Vestal and Fort Sanders.
Loans proceeds can be used for equipment, working capital and operating costs for start up businesses and expansion of existing businesses.
Loan Requirements: The applicant must have been denied a business loan request from a bank or credit union. Additionally, the applicant must be at least 21 years old, be the business owner or co-owner, and the loan must be for a business purpose. It is expected that the applicant will present appropriate collateral to support the loan, copies of personal and business bank statements, a completed loan application, business references and a business plan.
For additional information, contact Felix Harris at the Knoxville Area Urban League, 865-524-5511, ext. 119; fharris@thekaul.org
Small business development programs are funded in part by:
City of Knoxville
SunTrust Foundation
