Pathway Lending Awarded 2020 CDFI Grant
Pathway Lending secured a $657,000 grant from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to support its continued efforts in distressed communities.
In the FY2020 round, the CDFI Fund awards $204.1 Million to support economic growth in low-income and distressed, and native communities.
“I am proud to announce the fiscal year 2020 CDFI Program and NACA Program Award Recipients,” said CDFI Fund Director Jodie Harris. “These organizations are providing vital economic development and financial services to neighborhoods, businesses, and families. I am especially proud that we have 91 new organizations receiving awards this year, expanding the opportunity of this program to even more communities across the country.”
With this award Pathway Lending will expand its work in rural Tennessee. These funds make a difference to emerging entrepreneurs wanting to acquire a business. Increasing capital will build community resiliency, keep businesses open, and maintain jobs in these counties.
A portion of this award will support efforts to build a stronger rural in counties with chronically high levels of poverty.
“Pathway is committed to strengthening rural Tennessee and with the support from the CDFI Fund, we’ll be able to help more small business owners and support more rural businesses to stay open. This award speaks to the confidence they have in us to continue to support the development and growth of rural Tennessee,” says Pathway CEO, Clint Gwin.