VOL. 133 | NO. 116 | Monday, June 11, 2018
New Loan Fund for Minority, Women-Owned Businesses Starts with $15M
By Bill Dries
A $15-million small business loan fund announced Monday, June 11, is aimed at improving access to capital for minority and women-owned businesses in the Memphis area.
The loan fund is a partnership among Pathway Lending, a nonprofit regional Community Development Financial Institution and Epicenter, the nonprofit entrepreneurial hub organization. Pinnacle Financial Partners, First Tennessee and Regions Bank are providing the initial capitalization of the Memphis Small Business Opportunity Loan Fund.
Pathway Lending will be the administrator with the fund being based in Epicenter’s headquarters in Cooper-Young.
The loans will range from $5,000 to $1 million for growth and are aimed at businesses that may not yet qualify for a conventional bank business loan. The loan fund also includes technical assistance and business advice.
“This fund is a flexible and affordable way to support entrepreneurs and business owners – particularly in communities of color – with capital at a critical time in their growth,” said Epicenter, president and CEO Leslie Lynn Smith, in a written statement.
The fund is having two informational sessions, both at Epicenter headquarters, 902 S. Cooper St.
The June 25 session is at 5:30 p.m. and the June 27 session is at 8 a.m.