Local Financing Options

Morristown and the Lakeway area offers several options for the financing needs of any business, corporation or individual. The professional banking and financial institutions in our area are second to none. From multi-million dollar corporate deals to home mortgages and individual installment needs, the local financial community is ready to meet your business’ financial needs.

Currently, the Morristown area banking and financial institution market is growing, offering a variety of options for our community. From locally owned banks and savings and loans to multi-billion dollar regional banks, our area can suit any business’ comfort level.

The multitude of financial products available in our community is large and diverse. With the ever growing number of financial institutions the opportunity to find available the exact product you’re looking for is a certainty.
Another option available in Morristown is Industrial Revenue Bond (IRB) financing through The Industrial Development Board of the City of Morristown. IRB’s can be offered on a fixed or floating rate and may be taxable or tax exempt depending on qualifications, and can therefore offer a very attractive rate. The Industrial Board also offers loan agreements to local business by which the board approaches the local lending institutions on behalf of the company.

The Morristown and Lakeway areas has the answer for any financial concern for the businesses and corporations in our community. We are proud of the professional and enthusiastic leadership of our financial institutions, who are interested in seeing this community continue to prosper. The Morristown Area Chamber of Commerce can assist in setting up any appointment in which your business may be interested.

Tennessee Financing Options

Tennessee supports the development and growth of business and industry through numerous grants, loans, bond programs and more.

Progressive employers can find funding for new childcare facilities to assist their employees. Infrastructure and building loans are available from a number of sources, including Community Development Block Grants. Small businesses can apply for loans to buy land, buildings and machinery or to expand or renovate current buildings.

Many different assistance programs are available to encourage industries to locate or expand in Tennessee. A business or industry can create high-skill, high-wage jobs with programs such as the Smart Jobs Fund. It supports specialized training and offers other financial rewards.

If a business in the Tennessee Valley Authority region is owned and managed by socially and economically disadvantaged individuals, the TVA Investment Fund can provide special financing supplements.

Morristown and Hamblen County have welcomed and retained more than 110 manufacturing/industrial companies, and the area continues to expand. The lending environment in this progressive community is pro-business and pro-industry.

Tennessee Industrial Infrastructure Program (TIIP)
Tennessee Industrial Training Service (ITS)

The Tennessee Department of Economic and Community Development has moneys
allocated to assist local governments in providing infrastructure and training to support new or expanding industries.

Eligible Activities

Water Systems: Source development, intake structures, treatment plants, storage tanks, transmission lines, and other improvements normally associated with the provision of public water service.

Wastewater Systems: Collector lines, treatment plants and other improvements normally
associated with the provision of public wastewater service.

Transportation Systems: Access roads, rail sidings, port facility, airport improvements, and other improvements normally associated with the provision of public transportation service.

Site Improvements: Leveling, grading or drainage of real property in order to make it
suitable for the location or expansion of business.

Other improvements to physical infrastructure may be eligible if applicants can demonstrate that the improvements are required to support economic growth.

Application and Approval

Applications may be submitted by county governments, municipal governments, or other political subdivisions of the state authorized to receive and expend funds.

The review of an application takes place in two phases: a review of the physical improvements to be accomplished by the TIIP funds, and a review of the business being assisted by the TIIP investment.

Implementation

After approval, a tri-party agreement will be executed by authorized representatives of the local government, the business, and the Tennessee Department of Economic and Community Development. A state contract is executed with the grantee describing the activities, payment and state requirements.

Customized Industrial Training

The Industrial Training Service (ITS) is an incentive for the attraction of new industry to Tennessee and expansion of existing industries. The training assistance is customized to each industry’s individual training needs.

Services provided by ITS are determined by the number of new hires and the skills and knowledge that must be possessed by the prospective or newly hired workers. ITS consultants work with the company’s management, supervisors, and subject matter experts to plan, develop, and implement a customized training program. ITS may reimburse for instructional costs associated with company trainers and supervisors, vendor/outside instructors, training facilities, resource materials, and some travel expenses for trainers.

Training assistance may be provided for pre-employment, on-the-job, systems support, first and second-line supervisors, training the trainer, and unique equipment and processes. Covered services include typesetting, printing and binding of training materials, production of video tapes and loan of equipment.

ITS works with manufacturing, warehouse/distribution, and service industries including
back-office, financial, and telecommunications industries.