PathStone Enterprise Center recently received a $500,000 loan from M&T Bank to expand funding available for its microloan and microenterprise assistance programs.
Those programs are available to assist small businesses in a 21-county region across upstate New York. Businesses are eligible for loans from $5,000 to $250,000 that can be used to acquire real estate, purchase or lease equipment or as general working capital.
“At PathStone, we provide a local alternative for startups and other borrowers who don’t meet traditional underwriting standards,” said Hubert VanTol, Pathstone president. “We appreciate M&T’s partnership, both in referring borrowers to our program and in their help securing these monies to assist more borrowers in our community.”
M&T will work with PathStone to administer the loan funds. The bank’s funding commitment to PathStone extends for the next 10 years.
“PathStone offers another resource for small businesses in our region,” said Dan Burns, M&T regional president. “They’ve developed a lot of experience and expertise by working on small business development over the last 17 years, and we look forward to partnering with their team to help promote more small business growth and job creation.”