Pathway Lending has received $2.2 million in loan and grant funds from the Goldman Sachs’ 10,000 Small Businesses initiative, the Nashville-based agency announced today.
The infusion of funds will be leveraged with additional public and private resources to increase available capital in Pathway Lending’s Tennessee Small Business Jobs Opportunity Fund.
The money 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.
“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,” Alicia Glen, managing director at Goldman Sachs and head of the firm’s Urban Investment Group, said in a news release. “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.”
Pathway Lending, a U.S. Treasury-certified Community Development Financial Institution, 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, according to the news release. The organization primarily serves low-to-moderate-income communities.
Goldman Sachs’ 10,000 Small Businesses is a $500 million initiative that aims to help 10,000 small businesses across the nation by providing access to capital, entrepreneurial education and technical assistance services.