Sevier bank funds small businesses

Tennessee State Bank has made an additional investment of $250,000 in the Knox County Technology & Jobs Fund, which will provide access to start-up money for small businesses in the region, including Sevier County. In total, Tennessee State Bank has invested $500,000 into the fund, elevating its private capitalization to $1 million. “This is a great opportunity for Tennessee State Bank to invest back into the community that we serve,” said Jennifer Reinhard, Tennessee State Bank Executive Vice President. “Many small businesses throughout East Tennessee will benefit from the growth of this Fund.” The Knox County Technology & Jobs Fund was created by Knox County Mayor Mike Ragsdale along with The Community Reuse Organization of East Tennessee, various partner banks, and Southeast Community Capital, to provide access to capital to small and early stage businesses in a 15-county region centered in Knox County. “This private investment in our fund is a great example of how the private and public sectors can work together to support our vital small business community,” said Ragsdale. “Knox County has made a small investment for reserves, and our investment will be matched many times over by private investments like this from Tennessee State Bank.” David Bradshaw, Vice President of Southeast Community Capital said, “The Knox County Technology & Jobs Fund has already provided access to capital to numerous small companies in its service area. This investment from Tennessee State Bank will allow the fund to provide loans to many more companies.” Tennessee State Bank is a full-service bank, serving Sevier County, Knox County and surrounding communities since 1972. The Knox County Technology and Jobs Fund services small businesses in Knox County and 14 surrounding counties, including Anderson, Blount, Campbell, Claiborne, Cooke, Grainger, Jefferson, Loudon, Monroe, Morgan, Roane, Sevier, Union, and Scott. The Fund provides loans to technology and non-technology companies based in underserved areas throughout this region. Investor banks include American Fidelity Bank, Tennessee State Bank, and SunTrust Bank. Southeast Community Capital is a not-for-profit 501(c)(3) Community Development Financial Institution (CDFI). Southeast Community Capital has offices in Memphis, Nashville and Knoxville-Oak Ridge.