Chattanooga's economic recovery from the coronavirus pandemic is getting a boost from a new loan program designed to aid the start up and growth of minority-owned entrepreneurs and growing businesses in low-income parts of Hamilton County.
Tennessee's biggest nonprofit community development financial institution is reopening an office in Chattanooga as part of a new $7.5 million lending program to help diversify and grow Chattanooga's small business sector as the economy rebounds this year. Pathway Lending, a Nashville-based lending firm that has grown to more than $200 million in assets, is targeting Chattanooga small businesses in underserved communities with a loan and business assistance program funded by three regional banks, five local foundations and a private investment firm.
"This is the first time in our 21-year history where we've seen foundations, banks and the community really come together to help promote entrepreneurship," said Clint Gwin, president and CEO or Pathway Lending.