Updated: 03/05/2014 5:52 PM
Created: 03/05/2014 4:18 PM WHEC.com
It's an initiative to help grow business in Rochester. Pathstone has partnered with First Niagara Bank to establish a microloan program for small businesses.
The program is starting with $500,000. That money will be available to small businesses that may not qualify for conventional funding. Each business is eligible for up to $25,000 to be used for things like real estate, construction, equipment and working capital.
Suzanne Nasipak-Chapman, First Niagara, said, "Together, we're enhancing and accelerating the development that is already taking place in downtown and hope to help additional business take root in the city.”
Mayor Warren says this program will provide much-needed money in parts of the city often overlooked by traditional lenders.