Proceeds Support Expanded Advisory and Educational Services and Small Business Rapid Recovery Loans Up to $50,000 for Storm-Impacted Small Businesses in Middle Tennessee
NASHVILLE (April 23, 2020) – Pathway Lending, a nonprofit community development financial institution (CDFI) designated by the U.S. Treasury, announced the Regions Foundation has awarded Pathway a $150,000 grant in support of its response efforts following the March 3 storms and tornadoes in Middle Tennessee, including its Small Business Rapid Recovery Loan program announced March 18. The Regions Foundation is an Alabama-based nonprofit initiative of Regions Bank that supports community investments.
In addition to Pathway’s commitment to make up to $4 million in loans through the program, its response efforts also include expanded advisory services and a lineup of new educational programming.
“We all have a stake in the resiliency of our community’s small businesses and their ability to recover from last month’s storms,” said Lee Blank, Nashville Market Executive for Regions Bank. “Pathway is standing in the gap for many businesses during this uniquely challenging time, and we believe Pathway’s efforts in the days, weeks and months following the storms will help lead to a brighter, stronger future for companies in Middle Tennessee.”
With the grant proceeds, Pathway will support costs associated with dedicating loan funds to help clients impacted by the tornado with recovery and with delivering expanded advisory and educational programming now available through its Business Advisory Services, Pathway Women’s Business Center and Veterans Business Outreach Center at Pathway.
“After two decades serving our community of small businesses, we knew they’d move quickly to meet the difficult circumstances they faced and that we’d have to match their pace to support them,” said Clint Gwin, Pathway Lending’s president and CEO. “We retooled our loan, advisory and educational offerings in a few weeks, and it’s gratifying to work with the Regions Foundation, who could move just as quickly to provide the support we needed to do so.”
Pathway’s Small Business Rapid Recovery Loan
Storm-impacted small businesses in Davidson, Putnam, and Wilson Counties can request loans up to $50,000 to replace or repair lost or damaged business assets or to cover working capital needs or normal operating expenses.
The recovery loan program offers a streamlined application process and no payments for the first six months, followed by a 60-month repayment period. These loans will be offered at 4 percent. There is no pre-payment penalty.
Through May 29, 2020, eligible small businesses established prior to March 3, 2020 can request a recovery loan online at PathwayLending.org. Pathway will review completed loan applications in the order it receives them and will generally make decisions within one or two business days. Most approved borrowers will be able to access funds in three to five business days after closing.
Loan funds may be subject to other exclusions and restrictions and are subject to change. All loans are subject to required documentation and credit approval. Residency restrictions may apply.
Resources for Recovery from Pathway Lending
With expanded capacity for virtual meeting spaces, Pathway now supports lending activity and delivers coaching, advisory services, training, mentoring and education on a remote basis.
Pathway’s Business Advisory Services team has been providing one-on-one and small group consulting to help entrepreneurs develop new budgets, cash flow projections, and flexible business plans.
Pathway has also created a new lineup of educational programming to help small business owners with business planning in our current operating environment and now offers the following workshops on a regular basis:
- The Road Ahead: Business Planning for Resiliency | Participants build their Resiliency Toolkits for the coming weeks and months and consider options for moving their businesses forward amid unknowns, disruptions and changing circumstances.
- The Road Ahead Part 2: Flexible Cash Flow Forecasting | Participating business owners will learn to prepare scenario-based cashflow forecasts that will give them visibility they need to manage unknowns and to make strategic financial and operational decisions as circumstances change. Led by expert accountants and limited to five participants, these small group sessions will introduce registrants to cashflow forecasting software and a cashflow template plus guidance using them to prepare their personalized cashflow forecasts.
- Pathway Advisory Services Listening Session | The rapid-fire news cycle, economic volatility, and uncertainty take a toll and present special challenges for small business owners. These informal listening sessions will gather our advisory services team with clients in a collective forum for clients to voice what’s most important to them right now.
- Ignite Virtual Mentoring Series | This weekly virtual mentoring series features a high-caliber team of select mentors and provides a closed forum for small businesses to ask questions, seek advice and share ideas.
Pathway Lending welcomes small businesses of all industries and stages to learn more about how they can start, grow or recover their businesses with lending solutions and educational services by visiting PathwayLending.org or by calling (615) 425-7171.
About Pathway Lending
Based in Nashville, Pathway Lending is a community development financial institution (CDFI) certified by the U.S. Department of the Treasury that serves business and communities throughout Tennessee and Alabama, and parts of Arkansas, Kentucky and Mississippi.
Founded in 1999, Pathway Lending has grown to become a major lending institution in the Southeast, propelling meaningful economic growth in communities across the region. From fiscally responsible loans and hands-on support for business owners to flexible capital for affordable multifamily housing developers, our loans bring opportunities to the communities that need them most.
In 2019, Pathway Lending made more than $35.1 million in loans and delivered 21,265 hours of technical assistance and education. Get to know our mission and the stories of the entrepreneurs and communities we serve at PathwayLending.org.
About Regions Foundation
Regions Foundation supports community investments that positively impact the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Alabama-based Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.