On April 1 of this year the city, working with local banks and People Incorporated, launched a new Downtown Bristol Revolving Loan Fund. The loan program was established to stimulate redevelopment in downtown Bristol on both sides of the state line.
Six banks - Bank of Tennessee, BB&T, Citizens Bank, First Tennessee Bank, Green Bank, and Highlands Union Bank - graciously agreed to capitalize the loan fund with $135,000 in bank funds.
As of September 1, three loans totalling $45,000 have been made for downtown business activity. As importantly, 13 other inquiries are actively being worked with the prospect of additional loans being approved under this program.
This loan pool is another example of the city and private sector partnering together to achieve a common outcome - in this case small business growth and job creation.
As additional funds are loaned from the fund, we are hopeful that the fund can be recapitalized with additional bank funds to achieve even great results.
Special thanks and recognition go out to our bank partners in making this loan program a reality.
