Initial Commitment
"Without programs that make it possible for small businesses to continue, we risk losing the foundation of what makes our city and neighborhoods unique. We should do more to target incentives to help entrepreneurs start and grow businesses here." (Policy Platform, page 23)
Status
Commitment Met
Most Recent Update (Summer 2022)
Mayor Cooper dedicated at least $6 million of the city's CARES Act funding towards efforts that benefit small businesses, including grants for small and microbusinesses, grants for live music venues, Farmers Market vendor rent relief, etc.
Mayor Cooper has dedicated $20 million of the City's ARP funds towards the Nashville Small Business Recovery fund over a 2 year period. The funding would support maintenance of small business operations and recruiting and retaining employment in Metro Nashville.
Mayor Cooper is also in the process of creating the City's first Economic Development Plan and market value analysis in partnership with HR&A Advisors, which will include strategies for leveraging small businesses for economic development.
Previous Update (Fall 2021)
"In response to COVID-19, Mayor Cooper and the COVID-19 Financial Oversight Committee directed funding from the federal CARES Act to go towards small business relief and technical assistance. Mayor Cooper advocated for additional small business relief funding from the state. Funds distributed via Pathway Lending:
- $3.2M for Small and Micro Business grants
- $1M for Live music venues
- $500K Farmers Market vendor rent relief
- $2M for nonprofit arts organization
- Technical Assistance Grants awarded:
- Nashville Entrepreneur Center $600K
- Nashville Business Incubation Center $600K
- Nashville Chamber of Commerce $100K