PATHWAY LENDING

Pathway Lending Receives $1 Million Wells Fargo Grant To Accelerate Job, Revenue Growth Among Tennessee Minority-Owned Small Businesses

Retrieved on: 
Friday, September 24, 2021
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Wells Fargo provided the grant to Pathway Lending as part of its Open for Business Fund, a roughly $420 million small business recovery effort aimed at supporting entrepreneurs across the U.S. to recover and rebuild after the pandemic.

Key Points: 
  • Wells Fargo provided the grant to Pathway Lending as part of its Open for Business Fund, a roughly $420 million small business recovery effort aimed at supporting entrepreneurs across the U.S. to recover and rebuild after the pandemic.
  • "We know small businesses are the heartbeat of our communities," said Wells Fargo Senior Vice President and Community Relations Senior Consultant Paula Beck.
  • To date, Pathway Lending has invested an average of $70,000 in funding to eight, Black-owned Memphis area small businesses.
  • Since 2015, Wells Fargo has provided Pathway Lending with nearly $1.77 million in grants through the Wells Fargo Foundation and the Open for Business Fund.

Pathway Lending Receives $5 Million PNC Bank Loan To Help Tennessee's Small Businesses Survive COVID-19 Impact

Retrieved on: 
Wednesday, March 31, 2021
PNC Financial Services, Paycheck Protection Program, Finance, Economy

NASHVILLE, Tenn., March 31, 2021 /PRNewswire-PRWeb/ --Pathway Lending announced it has received a $5 million loan from PNC Bank to provide Payroll Protection Program (PPP) loans to small businesses.

Key Points: 
  • NASHVILLE, Tenn., March 31, 2021 /PRNewswire-PRWeb/ --Pathway Lending announced it has received a $5 million loan from PNC Bank to provide Payroll Protection Program (PPP) loans to small businesses.
  • 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.
  • In 2020, Pathway Lending made more than $46.1 million in loans and delivered 15,790 hours of technical assistance and education.

Payroll For One? Fill Out Your 1040 Schedule C To Find Out If You Qualify for PPP

Retrieved on: 
Tuesday, February 23, 2021
Paycheck Protection Program, Payroll, Worthington, PPP, Tax

With a completed 1040 Schedule C tax form, they're steps away from securing financial relief through SBA's Payroll Protection Program and within minutes of a completed PPP loan application.

Key Points: 
  • With a completed 1040 Schedule C tax form, they're steps away from securing financial relief through SBA's Payroll Protection Program and within minutes of a completed PPP loan application.
  • In fact, their PPP applications are relatively uncomplicated because the loan amount calculation and required documents are so straightforward."
  • The calculation Worthington mentions refers to the maximum loan amount, which SBA caps at 2.5 times average monthly payroll.
  • Worthington continues, "We encourage solo businesses considering a PPP loan to complete their 1040 Schedule C as the first step.

Truist Donates $40 Million to Launch Innovative Nonprofit Fund Supporting Ethnically, Racially Diverse and Women-Owned Small Businesses

Retrieved on: 
Wednesday, September 23, 2020
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Through this nonprofit program, 100% of the funding will be allocated to racially and ethnically diverse small business owners, women and individuals in low- and moderate-income communities, with a focus on African American-owned small businesses.

Key Points: 
  • Through this nonprofit program, 100% of the funding will be allocated to racially and ethnically diverse small business owners, women and individuals in low- and moderate-income communities, with a focus on African American-owned small businesses.
  • "We're grateful to Truist for approaching us with the desire to fund an innovative program to provide additional CDFI lending to underserved businesses," added Woodie.
  • Truist's $40 million donation to help establish CornerSquare represents funding from both the Truist Foundation Inc. and the Truist Charitable Fund.
  • The Truist Charitable Fund is a donor-advised fund created by Truist and administered by The Winston-Salem Foundation.