Pathway Lending and Tennessee Bankers Association celebrate a decade of economic growth
The Tennessee Bankers Association (TBA) hosted its annual meeting in Naples, Florida this June, and Pathway Lending was on-hand to help celebrate the tenth anniversary of the Rural Opportunity Fund (TN ROF).
Ten years ago in the very same location, TBA and Pathway Lending announced this exciting project in partnership with the State of Tennessee. Two dozen partner banks invested an initial $10 million in private capital, and Pathway Lending began administering loans to small businesses in rural Tennessee who were unable to access traditional bank financing.
The Nashville Chamber of Commerce recently completed an economic impact study on the TN ROF:
“In key respects, Pathway Lending stands as a significant contributor to economic vitality in the state’s economy, both directly and indirectly. With operations extending across a large number of counties, Pathway Lending exhibits a strong, demonstrated return to Tennessee as a whole. Pathway Lending delivers consistent, sustained, and substantial contribution to the economic engines of the state and local area.”
Over the past decade, these initial investments generated 117 loans totaling $21.5 million to 75 businesses in 34 Tennessee counties. Through the TN ROF, every one dollar loaned returned three dollars in economic impacts to the state.
Why invest? Bank partners who invested in the first round of the Tennessee Rural Opportunity Fund received:
- Over $10 million in Franchise & Excise Credit
- $3 million in Interest Income
- CRA Credit
With a successful decade behind us, we look forward to serving Tennessee’s rural businesses for decades to come. We look forward to your continued support in this next, exciting chapter of the Tennessee Rural Opportunity Fund, an endorsed product of the Tennessee Bankers Association.
Learn more about the Rural Opportunity Fund by downloading our TN ROF Economic Impact Report.