ComplaintsforPathway Lending

• Initial Complaint

  04/26/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I applied for a business start up loan. **** score *** I send pathway my business plan 3 year projectors my ****** website my business website and my LLC

  Business response

  05/12/2022

  Business Response /* (1000, 5, 2022/05/04) */ Ms. ******: Thank you for directing our attention to the customer complaint detailed in**** Complaint Case# 37209136 (Ref#XX-XXXXXXXX-XXXXXXXX-X-XXX). Please find below our explanation as well as a potential resolution plan. Explanation In summary, the customer approached Pathway ******* in mid-March with her interest in borrowing $******* to start up a restaurant. Our VP of ******* for ****** ** replied immediately and scheduled an introductory call with her within the week, when he advised her that we typically do not fund start-up businesses unless the owner has some previous experience in the industry. He also informed her of our educational and advisory services programs that were available for entrepreneurs wanting to start a business. As such, he followed up by connecting her with our Senior Business Advisor of ********* ********, who recommended the customer attend our introductory class - **** *** Business Modeling Workshop. The customer did indeed attend the class on April 21st as well as the included individual coaching session with the class instructor on April 26th, at which time the instructor provided specific feedback to the customer on ways to strengthen her business plan and revenue projections. It appears that the customer was not receptive to the process and, thus, submitted her complaint with the**** the following day - April 27th. Also on April 26th, the customer followed up with our VP of ******* for ****** ** via email, asking for the loan amount Pathway Lending had approved for her. The Lender informed her there was not an approved loan amount since she had not applied for a loan by formally submitting a loan application. As of May 4, 2022, we have not received a signed loan application, nor the supporting documentation required for us to process a loan request. Resolution Plan The most productive resolution might be for the customer to take advantage of resources in our region and in the state that are specifically designed to assist food services and restaurant entrepreneurs with starting their businesses. While we offer a range of classes designed to help entrepreneurs, we believe that as an aspiring food entrepreneur who is new to the industry, she will benefit from the first-hand industry experience these providers can share. Participating in these programs will also afford her a supportive place where she can access the tools and equipment, as well as develop the skills and experience she needs to test the market for her concept and open the doors to the business she dreams of creating. We sincerely wish her the very best of luck in her endeavors. Respectfully, **** ****** Executive Vice President & Chief Stakeholder Officer Pathway Lending Consumer Response /* (3000, 7, 2022/05/04) */ (The consumer indicated he/she DID NOT accept the response from the business.) I reach out to small business administration I was told that they doesn't partner with pathway lending anymore. Wasted time and energy just should have been honest. Business Response /* (4000, 9, 2022/05/11) */ On May 5, 2022, Pathway Lending submitted to *** an explanation of the events as well as a recommended resolution for the complaint, which the customer rejected. As of May 11, 2022, we have not received a signed loan application, nor the supporting documentation required for us to process a loan for the customer. Pathway Lending stands by our original Explanation and Recommendation for a resolution. Thank you.

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