KeyBank Community Development Financial Institutions (CDFI) Group has provided a $5 million line of credit (LOC) to Bridgeway Capital.
Specifically, KeyBank’s loan will help Bridgeway expand its lending programs into eastern Ohio and will help minority- and women-owned businesses gain access to much needed capital in underserved areas such as Youngstown–Warren–Boardman, OH-PA and Allegheny-Butler–Fayette, PA.
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“Bridgeway has been a long-standing customer of KeyBank, and we are delighted to extend this new facility to help support underserved entrepreneurs grow businesses, revitalize and stabilize neighborhoods,” said Brian Maddox, National Team Leader for KeyBank Community Development Financial Institutions group. “Bridgeway has been a driver of capital for minority, women, immigrant, and veteran-owned businesses in economically distressed urban and rural areas throughout western Pennsylvania and we’re thrilled to see their footprint expand into eastern Ohio.”
“We are grateful for KeyBank’s support of Bridgeway’s work to advance opportunities in eastern Ohio,” said T.J. Bogdewic, President and CEO, Bridgeway Capital. “KeyBank’s loan will help Bridgeway make focused investments in places to create quality jobs, build successful businesses, and develop vibrant communities.”
About Bridgeway
Bridgeway Capital is a mission-driven lender, a nonprofit alternative to banks that lends to small businesses, nonprofits and real estate projects that have a positive community impact. As a Community Development Financial institution (CDFI), Bridgeway is certified by the U.S. Treasury. Since 1990, Bridgeway has invested more than $250 million in communities across the region, with over 90% of the funding provided to low-income communities. As a social impact investor, Bridgeway focuses on equitable economic growth in underserved areas by providing impact-driven lending and programs to grow businesses and revitalize places.
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