M&T Bank, PathStone announce microloan program for small businesses
ROCHESTER – PathStone Enterprise Center has received a $500,000 loan from M&T Bank to expand the funding available for its microloan and microenterprise assistance programs.
The programs will offer low-interest loans to businesses, including entrepreneurs in Orleans County.
Businesses are eligible for loans as small as $5,000 and up to $250,000 which 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 Pathstone Enterprise Center President Mr. Hubert VanTol. “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 also work with PathStone to administer the loan funds. M&T has a long history in assisting small business and has been a leading small business lender in Rochester for more than 20 years, as measured by the number of loans made annually through the U.S. Small Business Administration’s most popular loan program.
“PathStone offers another resource for small businesses in our region. 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,” said M&T Bank Regional President Dan Burns.
The bank’s funding commitment to PathStone extends for the next 10 years.