Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $17.064.00 million in grants and additional $10,210.00 million in local government funding sources annually in the business sector since small businesses and large corporations are the backbone of economic growth in Tennessee. The state of Tennessee has 99,055 businesses, and they are broken down into the following:
Tennessee Business Sector Breakdown by Size
- 54,058 registered businesses in Tennessee have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 18,328 registered businesses in Tennessee have 5 to 9 employees.
- 11,225 registered businesses in Tennessee have 10-19 employees.
- 9,751 registered businesses in Tennessee have 20-99 employees.
- 2,701 registered businesses in Tennessee have 100 to 499 employees.
- Over 2,992 registered businesses in Tennessee have over 500 employees.
Tennessee Business Sector Breakdown in Service Industries
- 11,273 registered businesses in Tennessee are in the Professional, Scientific and Technical Services sector.
- 6,711 registered businesses in Tennessee are part of the Administrative, Support, Waste Management, and Remediation Services sector.
- 11,707 registered businesses in Tennessee belong in the Accommodation and Food Services sector.
- More than 14,405 registered businesses in Tennessee are also service orientated businesses, but are not included in the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of Tennessee has more than 79,000 farms.
Small Businesses in Tennessee
It is difficult to start and manage a small business in this state. More than $86,220.358,000.00 US dollars is spent on employee salaries/payroll alone in the state of Tennessee, and every year, over 52,460 companies declare bankruptcy. The federal government doesn’t provide grants publicly for expanding or starting a business. However, some small business grants can be given in Tennessee to help business owners start or grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact Tennessee financial aid agencies to apply for Tennessee business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: