Five new lenders named for “LendTN” program
The program, part of the "Fund Tennessee" initiative, will provide $47 million to ensure equitable access to capital for small businesses and entrepreneurs across Tennessee.
The Tennessee Department of Economic and Community Development (TNECD) has announced five new lenders who will participate in “LendTN,” a Fund Tennessee program that also includes the “InvestTN” component managed by Launch Tennessee.
Nearly $47 million has been allocated to the “LendTN” component of the Fund Tennessee program, and those monies will provide equitable access to capital for small businesses and entrepreneurs across Tennessee. The funding for both programs comes from the Volunteer State’s allocation under the federal State Small Business Credit Initiative.
“Tennessee’s small businesses are the backbone of our state’s economy, and I am excited that through ‘LendTN’ we can better support them so that they have the opportunity to grow and expand,” said TNECD Commissioner Stuart C. McWhorter. “Thank you to these five lenders for stepping up to financially support the entrepreneurs and small business owners across our state.”
These lenders will make “LendTN” dollars accessible statewide, giving small business owners and entrepreneurs, especially those in underserved communities, more tools to start and expand. The lenders participating in the program are:
- Communities Unlimited, an Arkansas-based entity;
- Pathway Lending of Nashville;
- River City Capital in Memphis;
- Tennessee Rural Development Fund in Cookeville; and
- Three Roots Capital in Knoxville.
Small business owners and entrepreneurs who are interested in becoming potential borrowers should go to FundTennessee.org to learn more. Each lender is currently accepting applications and working with interested applicants to expand access to capital. Loan types, amounts of loans, and rates will vary from lender to lender depending on borrower needs. In general, loans may include startup funds, working capital, or equipment purchases and will range from microloans to loans up to $5 million.