Pathway lands backing from new fund

The team at Pathway Lending is getting a boost from a new nonprofit funded by Truist, the institution created by the merger of SunTrust and BB&T.

Truist executives announced last week their foundation is committing $40 million to help launch CornerSquare Community Capital under the umbrella of the NC Rural Center, which helps promote regional economic development work. CornerSquare’s mission is to back community development financial institutions such as Nashville-based Pathway, which focus their attention on traditionally underserved entrepreneurs, and its initial $40 million will be allocated to six such entities. CornerSquare will buy 25 percent loan participations, giving Pathway and its peers more capacity to lend.