The U.S. Small Business Administration has announced a Nashville recipient for one of its 2023 Program for Investment in Microentrepreneurs grants.
The federal agency awarded the $250,000 PRIME grant to Pathway Lending, also known as Southeast Community Capital Corporation. The funds will support the nonprofit’s Coaching to Capital Program, which helps entrepreneurs with the financial foundations of their businesses.
“SBA PRIME grants support nonprofit organizations that are on the ground locally providing assistance to small businesses so they can get capital ready and access funding to start and grow resilient businesses,” SBA Administrator Isabella Casillas Guzman said in a release.
Overall, $8 million was distributed via 32 grants through the program, which aims to eliminate barriers and fill capital gaps for small businesses, especially in underserved communities, Guzman said.
This is not the first PRIME grant Pathway has received, according to Erin Raffield, a marketing strategist for the nonprofit. She said the group has partnered and received results from the program for several years.
“One reason Pathway seeks this type of support from funders is because we are committed to removing barriers for entrepreneurs to access capital,” Raffield said. “At Pathway, this means we go the extra mile to work with our clients to create and strengthen financial best practices in their businesses.”
To be eligible for the funding, an organization must put up a matched portion of the funds. Raffield said Pathway’s match comes from its general operating cash, but it does partner with foundations and donors to help small businesses access training, coaching, peer or mastermind groups when they need it.
“This is part of our nonprofit mission to deliver coaching to capital so underserved businesses can access capital,” Raffield said.
The PRIME grants were awarded to organizations across the U.S. but Pathway Lending is the only one of a few from the Southeast. Grants were given to two Texas groups, one in North Carolina and one in Arkansas. Funding is available starting Sept. 30 and the project should last one year.
