Pathway Lending began accepting applications for the Paycheck Protection Program in January with a $5 million loan from PNC Bank to support initial PPP loans to small businesses.
With a focus on 1099, self-employed, nonprofit and small business borrowers based in Tennessee, Pathway Lending offers first-time PPP loans up to $150,000. Through May 31 (Congress recently extended the original March 31 deadline), eligible Tennessee businesses established prior to Feb. 15, can start the application process at pathwaylending.org/ppp.
“We view this as an opportunity to encourage more Tennessee businesses that would benefit from this program to participate, especially business that missed out earlier,” said Clint Gwin, Pathway Lending’s president and CEO. “PNC is a long-time advocate for small businesses, and we are beyond grateful for its support of our work assisting these companies and helping them weather the storm.”
PNC’s loan comes from its Community Development Banking group, which makes strategic investments to boost the quality of life in low- and moderate-income communities. The lending relationship with Pathway Lending enables PNC to reach further into Tennessee’s communities to assist businesses that are seeking first-time PPP loans.
“As a Main Street bank, PNC is committed to serving small businesses across the state,” said Mike Johnson, PNC regional president for Tennessee. “These entrepreneurs are the backbone of our communities and it is critical that we support the economic vitality for our communities that they create. That is why PNC supports essential organizations such as Pathway Lending that are moving quickly to help the state’s small businesses address the ongoing challenges caused by the pandemic.”