Pathway Lending Receives $5 Million PNC Bank Loan To Help Tennessee's Small Businesses Survive COVID-19 Impact
Pathway Lending has secured a $5 million loan from PNC Bank to facilitate Payroll Protection Program (PPP) loans for small businesses in Tennessee. The nonprofit began accepting applications in January 2021, targeting 1099, self-employed, nonprofit, and small business borrowers, offering loans up to $150,000. PNC's investment aims to enhance support for local businesses, particularly those previously unable to access funding. The application deadline has been extended to May 31, 2021, allowing eligible businesses to apply for much-needed assistance.
- Secured $5 million loan from PNC Bank for small business PPP loans.
- Pathway Lending facilitates access to PPP loans for 1099 and self-employed borrowers.
- Loan amount allows businesses to receive up to $150,000.
- Application deadline extended to May 31, 2021, providing more time for eligible businesses.
- None.
NASHVILLE, Tenn., March 31, 2021 /PRNewswire-PRWeb/ -- Pathway Lending announced it has received a
Pathway, a Tennessee-based nonprofit community lender, began accepting applications for PPP loans in January. It also offers applicants access to live coaching and support throughout the application process, including tutorials and individual assistance.
"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 like Pathway Lending that are moving quickly to help the state's small businesses address the ongoing challenges caused by the pandemic."
With a focus on 1099, self-employed, nonprofit and small business borrowers based in Tennessee, Pathway Lending offers first-time PPP loans up to
Through May 31 (Congress recently extended the original March 31 deadline), eligible Tennessee businesses established prior to February 15 can start the application process at pathwaylending.org/ppp. Self-employed and 1099 business applicants can learn more about applying and calculating their PPP loan amounts in Pathway Lending's tip sheet, Payroll For One? Fill Out Your 1040 Schedule C To Find Out If You Qualify for PPP: https://www.prweb.com/releases/payroll_for_one_fill_out_your_1040_schedule_c_to_find_out_if_you_qualify_for_ppp/prweb17748529.htm.
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 PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit http://www.pnc.com.
About Pathway Lending
Founded in 1999 and based in Nashville, Pathway Lending is a community development financial institution (CDFI) certified by the U.S. Department of the Treasury. It has grown to become a major lending institution in the Southeast, propelling meaningful economic growth in communities across the region. In 2020, Pathway Lending made more than
Media Contact
Paul Hoffmann, Pathway Lending, +1 6154257171, paul.hoffmann@pathwaylending.org
SOURCE Pathway Lending
FAQ
What is the loan amount Pathway Lending received from PNC?
What does the loan from PNC Bank support?
Who can apply for the PPP loans facilitated by Pathway Lending?
What is the maximum loan amount available through Pathway Lending's PPP?
Until when can Tennessee businesses apply for the PPP loans?
