Pathway Lending, a Community Development Financial Institution that provides underserved small businesses with lending and educational services to spur job creation and economic development throughout Tennessee, has received $2.2 million in new loan and grant funds from the Goldman Sachs ‘10,000 Small Businesses’ initiative.
These funds will be leveraged with additional public and private resources to increase available capital in Pathway Lending’s Tennessee Small Business Jobs Opportunity Fund, which provides loans that enable small businesses to expand and create jobs. Funds will also be used to enhance Pathway Lending’s educational services technology platform by developing an online resource center that provides access to in-depth content for prospective and current business owners.
Since being founded in 1999, Pathway Lending has loaned approximately $80 million to businesses in Tennessee and facilitated the creation of more than 1,500 new full-time jobs and retained 3,200 more through its various lending initiatives.
“We are extremely pleased to have Goldman Sachs as a partner in our efforts to bring additional capital resources to small businesses throughout the state,” said Clint Gwin, president of Pathway Lending. “These funds will allow us to help businesses grow and create jobs in their communities.”
Goldman Sachs ‘10,000 Small Businesses’ is a $500 million initiative that aims to unlock the potential of 10,000 small businesses across the nation by providing access to capital, entrepreneurial education and technical assistance services. The program in Tennessee will be focused on offering loan capital and business assistance.
“Pathway Lending’s Tennessee Small Business Jobs Opportunity Fund aligns with the goals of 10,000 Small Businesses to help entrepreneurs grow their businesses and create jobs,” said Alicia Glen, Managing Director at Goldman Sachs and head of the firm’s Urban Investment Group. “We’re pleased to contribute to Pathway Lending’s loan efforts as well as the expansion of their educational services technology platform to assist small businesses across Tennessee.”
Founded in 1999, Pathway Lending is a U.S. Treasury certified Community Development Financial Institution (CDFI) whose mission is providing underserved businesses with lending solutions and educational services that result in job creation and economic development. The organization operates statewide in Tennessee, primarily serving low-to-moderate-income communities, CDFI Investment Areas, and Other Targeted Populations such as minority-owned businesses, and places strong emphasis on job and wealth creation. It is endorsed by the Tennessee Bankers Association. Pathway Lending is headquartered in Nashville and currently has offices in Knoxville, Tri-Cities and Jackson.
To learn more about the Tennessee Small Business Jobs Opportunity Fund and other Pathway Lending products and services, visit <www.pathwaylending.org> or call 615-425-7171.
Goldman Sachs 10,000 Small Businesses is a $500 million investment to help small businesses in the United States create jobs and economic growth by providing entrepreneurs with a practical business education, access to capital and business support services. The program is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth. The program is currently operating in Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans, New York, Philadelphia, Salt Lake City, Missoula, Mont., London, Ky. and Washington/Oregon. For more information, visit <http://www.gs.com/10000smallbusinesses>