A Chattanooga credit union launched a novel program this month to lend to fledgling businesses that are working with local incubators.
Tennessee Valley Federal Credit Union ($1.2 billion in assets, 121,585 members) is offering new or early-stage businesses loans of $2,500 to $50,000. Unsecured loans can be made for 36 months and terms can be extended for secured loans, depending on the useful life of the collateral, said Tommy Nix, vice president of business and community services.
"Chattanooga has a very thriving entrepreneurial community," Nix said. "There was a fair number of businesses that didn't fit into the typical boxes for businesses needing money."
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