TNECD Announces Lenders for Fund Tennessee’s LendTN Program
- Five lenders to provide equitable access to capital across Tennessee
- Nearly $47 million allocated through the Fund Tennessee program for small businesses and entrepreneurs
NASHVILLE, Tenn. – The Tennessee Department of Economic and Community Development (TNECD) announced today five new lenders to participate in LendTN, a Fund Tennessee program announced in February 2023.
Nearly $47 million has been allocated through the Fund Tennessee program and will provide equitable access to capital for small businesses and entrepreneurs across Tennessee.
“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 LendTN:
· Communities Unlimited
· Pathway Lending
· River City Capital
· Tennessee Rural Development Fund
· Three Roots Capital
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 intestered 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.
In early 2023, eligible lenders completed an Intent to Participate process with TNECD. The program was open to available non-depository Community Development Finance Institutions (CDFI) and Minority Depository Institutions (MDI) that serve Tennessee. CDFIs are mission-driven financial institutions that provide credit and financial services to underserved markets and populations who have been certified by the U.S. Department of Treasury. To learn more about CDFIs visit here.
To learn more, visit FundTennessee.org or the State Small Business Credit Initiative (SSBCI 2.0) visit here.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter and Instagram: @tnecd. Like us on Facebook: facebook.com/tnecd.
TNECD Media Contact
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