What is SMOB?
The Small and Minority-Owned Business Assistance Program provides a statewide platform that fosters the growth and development of small and minority-owned businesses in Tennessee. The Program places emphasis on the preparatory stage of starting or expanding a business by ensuring that adaquate planning and financing are taken into consideration.
The SMOB Program provides assistance to Qualifying Businesses in two primary areas, Program Services and Loans.
"Program Services" provides access to an array of technical assistance, education, and consulting services to Qualifying Businesses that may or may not make application for Loans under the Program.
"Loan" means a loan for a specific project for which the applicant has requsted Program Assistance. The following are acceptable purposes for which a Loan may be made:
- Acquistion of Machinery and equipment
- Working capital
- Supplies and materials
- Certain other business-related activity
Lending for the acquisition of real estate is excluded from acceptable uses of funds.