Resources for Established Companies
The City of Chattanooga offers resources to assist with site selection for local companies looking to expand operations as well as companies looking to open new offices or facilities in Chattanooga. The City of Chattanooga offers industrial and office parks. For information regarding the industrial parks click HERE. If you’re a local company needing assistance with site selection for relocation or expansion, contact Steve Hiatt at the Chattanooga Area Chamber at email@example.com or call 423-763-4333. For companies looking to establish new offices or facilities in Chattanooga, please contact Lindsay Hiatt at the Chattanooga Area Chamber at firstname.lastname@example.org or call 423-763-4337. Your company may also check zoning for specific parcels as well as calculate permits by clicking HERE.
Growing Small Business Incentive Grant
This grant is available to small businesses that are located within the Chattanooga city limits. Companies must create a minimum of 5 full time jobs (or a corresponding number of full time equivalent jobs) within the previous 18 months prior to application for the grant. Full time jobs are considered jobs where employees work and are paid for at least 30 hours per week. Eligible companies must not employ more than 100 total employees in across all locations. The award amount is based on a multiplier of $1,000/per job. The multiplier is based on the average hourly wage of the jobs created compared to the average wage across all occupations as determined and published by the U.S. Bureau of Labor Statistics. Award amounts vary. Average awards typically between $4,400 and $8,800. Maximum award amount in a given year is $10,000.
Calling all makers, innovators, and techies. This grant is available to rapidly growing innovative companies that are located within the Chattanooga city limits. Companies must create a minimum of 10 full time jobs within the previous 18 months prior to application for the grant. Full time jobs are considered jobs where employees work and are paid for at least 30 hours per week. Employees must work in and be based in Chattanooga. Jobs created where employees work remotely will not be considered. The award amount is $1,000/per job. This is a discretionary award. The innovative nature of an applicant company will be vetted by a Review Committee.
HUD 108 Loan
The U.S. Department of Housing & Urban Development makes funding available to the City of Chattanooga for economic development purposes. The City of Chattanooga uses these funds for loans for small businesses. Small Business Loan Program provides businesses located in designated low-income census tracts or owned by members of a targeted population, which includes low-income persons and eligible minorities, with loans that can be used for most business purposes, including working capital, fixed assets, and others. Typical interest rates between 6%-7%. Maximum amount available is $225,000. This program is administered by the Southeast Tennessee Development District and the City of Chattanooga. For additional information about this program, please contact Audra Kelly at email@example.com or 423-424-4247.
New Markets Tax Credits, Revolving Loan Funds, Opportunity Zones & SBA Financing
These financing tools are available to eligible companies. To learn more about New Markets Tax Credits, SBA Community Advantage Loans, SBA 504 Loans, or the EPA’s Revolving Loan Fund for cleanup of brownfields, please contact BrightBridge, a certified Community Development Financial Institution.
To learn more about potential Opportunity Zone projects or investment groups, please contact the City of Chattanooga’s Office of Economic Development at (423) 643-7821.
To learn more about the U.S. Economic Development Administration’s Revolving Loan Fund for eligible economic development projects and businesses, please contact Audra Kelly at the Southeast Tennessee Development District, at firstname.lastname@example.org or (423) 424-4247.
State Of Tennessee Incentives
The State of Tennessee offers incentives for companies making improvements to infrastructure and companies that are hiring and training employees. Learn more about the FastTrack Infrastructure Program; FastTrack Job Training Assistance Program; and the FastTrack Economic Development Fund by clicking HERE. For information about applying for these grants, please contact Taylor Belcher at the Tennessee Department of Economic & Community Development (TNECD) at email@example.com.
PILOTs and TIFs
The City of Chattanooga will consider PILOTs or TIFs for economic development projects with substantial capital investment and job creation numbers. For information regarding these programs, please contact the City of Chattanooga’s Office of Economic Development at 423-643-7821.