Member News Release: Loans Up to $50,000 Now Available to Mid TN Businesses Impacted by Tornado
FOR IMMEDIATE RELEASE
Loans Up To $50,000 Now Available to Middle Tennessee Small Businesses Impacted by March 3 Storms and Tornadoes
No Payments for Six Months, 4 Percent Fixed Interest and Repayment Period Up to 5 Years*
NASHVILLE (March 18, 2020) – Through a partnership between Pathway Lending and Pinnacle Financial Partners*, small businesses in Davidson, Putnam, and Wilson Counties that were impacted by the March 3 storms and tornadoes can request loans up to $50,000 from Pathway Lending, a regional, certified Community Development Financial Institution (CDFI).
The nonprofit lender aims to speed up the recovery period for area small businesses with its Small Business Rapid Recovery Loans that offer a streamlined application process, quick decisions in a matter of days and no payments the first six months. Through April 30, 2020, eligible small businesses can request a recovery loan online at PathwayLending.org.
“Stepping forward at a time like this is what it means to be a Community Development Financial Institution,” said Clint Gwin, Pathway Lending’s president and CEO. “We have a mission that expressly calls on us to provide access to capital in ways that strengthen the communities we serve and makes it possible for us to lend in circumstances that may be challenging for traditional lending institutions.”
Up to $4 Million Available
Pathway Lending has committed up to $4 million from its revolving loan funds to support the Small Business Rapid Recovery Loan program with the help of a $2 million community development investment from Pinnacle Financial Partners*.
“Getting resources like funding and assistance to the businesses that need them most is where Pathway excels, particularly in circumstances like those we’re facing now,” said Hugh Queener, Chief Administrative Officer, Pinnacle Financial Partners. “As a local bank that calls this place home, we want to see our friends and neighborhood businesses come back as soon as they can, and we’re proud to make this investment in our community’s recovery.”
Small businesses may request funds to replace or repair lost or damaged business assets or to cover working capital needs or to meet normal operating expenses. Businesses receiving funding will also have access to technical assistance, coaching, and education from Pathway’s Business Advisory Services team.
The recovery loan program offers 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*.
Application and Eligibility for Pathway’s Small Business Rapid Recovery Loan
Through April 30, 2020, Pathway Lending will accept applications from small businesses established prior to March 3, 2020 operating in storm-impacted areas in Davidson, Putnam, and Wilson Counties.
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.
Find more details and information on Pathway’s Small Business Rapid Recovery Loans, eligibility and application process on the Frequently Asked Questions section of Pathway Lending’s website.
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 Pinnacle Financial Partners
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2019 deposit data from the FDIC. Pinnacle earned a spot on FORTUNE’s 2020 list of the 100 Best Companies to Work For® in the U.S., its fourth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $27.8 billion in assets as of Dec. 31, 2019. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 12 primarily urban markets in Tennessee, the Carolinas, Virginia and Atlanta.
Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.
*Pinnacle Bank is an Equal Housing Lender and Member FDIC. Fixed rate loans may be subject to credit approval. Fixed rate loans are offered at 4.00% APR and payments may be deferred up to the first six months after the loan closing, with a 66-month loan amortization period.