Regions Bank announces $10 million financing for Memphis medical district
MEMPHIS, Tenn. (WMC) - Regions bank announced it is providing $10 million to support neighborhood revitalization in Memphis’s Medical District.
Regions will be focused on driving economic development and and advancing the community.
According to he Memphis Medical District Collaborative, 35 percent of households have a median income of less than $16,000. this puts all of those households below the poverty line.
Market Executive for Regions Bank Memphis, David May, says the medical district is a vital part of both Memphis and the Mid-South.
“The area features a unique combination of world-class health care facilities, leading educational institutions and longtime residents and neighbors who are committed to uplifting the community. Today’s announcement reflects the culmination of two years of planning to support the district’s continued transformation and further develop its tremendous potential. Regions is proud to significantly invest in the future of the district,” May said.
Pathway Lending will be administering the project funds and the President and CEO Clinton B. Gwin says it’s an important role.
“Elevating neighborhoods and empowering the people and business who are part of them is a key aspect of our work,” said Gwin. “We’re proud to serve as a conduit in bringing together commerce, communities and capital to support areas like the Memphis Medical District in thriving.”
Copyright 2021 WMC. All rights reserved.