- Frequently Asked Questions
1) I want to start a business – where do I go next?
This can certainly be a daunting question. First, make an appointment to receive counseling, free of charge, from our Service Providers. Among other talents, our advisors are adept at helping you write a business plan, the "roadmap" for your venture. Assistance from our Service Providers are available to anyone interested in beginning a small business for the first time or improving or expanding an existing small business, who cannot afford the services of a private consultant.
2) What is the loan amount for the SMOB program?
The maximum loan amount to any one Qualifying Business will be $125,000. Interest rates will range between 2% below the “Prime Rate” as published in the Wall Street Journal to 2% above the Prime Rate” and may be fixed or variable.
3.) Is the Small and Minority-Owned Business Assistance Program for existing or new businesses?
The legislative intent is for the department to use the assistance provided by this program to support outreach to new, expanding and existing businesses in Tennessee that do not have reasonable access to capital markets and traditional commercial lending facilities.
4) Where in Tennessee can I get information on permits and licenses?
Your first visit should be www.tn.gov/topics/Licenses+and+Permits. This is a very helpful source for information on permits and licenses.
5) Where can I obtain low-cost health insurance for my business?
Visit www.CoverTN.gov to get more information on health insurance for your business through Cover Tennessee.
6) Where can I obtain a Federal ID number?
Also called a "Federal Tax Number" or "Employer Identification Number," it is granted upon completing IRS Form SS-4. You can obtain this form in Portable Document Format (PDF) at the IRS web site, or by calling 1-800-829-1040.