Joins Pathway Lending to help create jobs and expand small businesses
MEMPHIS, Tenn., Aug. 09, 2016 (GLOBE NEWSWIRE) -- First Tennessee has invested $5 million in Pathway Lending’s Tennessee Small Business Jobs Opportunity Fund, which helps businesses access capital to create jobs and expand operations. The Fund is designed to provide financial services to small businesses unable to access traditional capital.
“Our goal is to provide financial empowerment tools and support to small business owners who are the backbone of our economy,” said Bryan Jordan, chairman and CEO of First Tennessee’s parent company, First Horizon National Corp. (NYSE:FHN). “When our small businesses are healthy and strong, they fuel job growth and strengthen our communities.”
Pathway Lending is an “Endorsed Product” of the Tennessee Bankers Association for its member banks as a Community Development Financial Institution providing Community Reinvestment Act qualified loans and investments.
“Every day we hear about the challenges of accessing the financing necessary to succeed. This investment by First Tennessee will provide additional capital that will be leveraged to increase access to credit for small businesses throughout Tennessee,” said Clint Gwin, President of Pathway Lending. “This funding will help ensure that more entrepreneurs have access to the resources they need to expand and create jobs in their local communities.”
About First Tennessee
First Tennessee Bank is the largest bank headquartered in Tennessee, with the number one deposit market share in Chattanooga, Knoxville, Memphis and the Tri-Cities and a top-five deposit market share in Nashville. First Tennessee was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country and one of the highest customer retention rates of any bank in the country. First Tennessee and FTN Financial are part of First Horizon National Corp. (NYSE:FHN), which has 4,300 employees. First Horizon has been recognized as one of the nation's best employers by Forbes, Working Mother and American Banker magazines. More information is available at www.FirstTennessee.com.
About Pathway Lending
Based in Nashville, Pathway Lending is a certified Community Development Financial Institution (CDFI) that provides loans and educational services to businesses throughout Tennessee. Since 1999, Pathway Lending has made more than 800 loans totaling $150 million to over 500 companies. Pathway Lending is headquartered in Nashville. For more information, visit www.pathwaylending.org.
Source:First Horizon National Corporation