Bridgeway Capital facilitates business and job growth across western Pennsylvania by providing capital and education opportunities for entrepreneurs and small businesses. An economic development institution that supports economic growth throughout 15 counties in western Pennsylvania, Bridgeway Capital offers unconventional, flexible-term financing programs and technical assistance for small businesses. By investing in companies that bring new income into the region and increase employment in low-income communities, Bridgeway Capital focuses on transforming western Pennsylvania into a thriving region. Since inception, Bridgeway Capital has placed 491 loans worth $55.5 million, and has leveraged an additional $201 million.
- Entrepreneur Loans: are available in amounts up to $100,000. This program supports promising entrepreneurs with sound business plans and looks beyond collateral and recent credit history to provide the money to improve businesses and create jobs. This program also includes SBA microloans of up to $35,000.
- Growth Capital Loans: have higher risk characteristics that include longer terms, up to 10 years, and a subordinated collateral position behind a senior lender. Bridgeway Capital supports company growth by making available loans up to $500,000 for fixed assets or working capital.
- 504 Loans: provide growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A bank typically finances 50% of the project with a first lien on the financed assets, the 504 loan finances up to 40% of the project costs and is secured by a second lien, and the borrower contributes 10%-20% in equity.
- Investments by individuals, as well as institutions
such as Calvert Foundation, provide the lending capital to Bridgeway Capital for all of its loan
programs except the 504 loans. The 504 loans are financed through pooled debentures, fully
guaranteed by the U.S. Small Business Administration.
- We also provide financing to
nonprofits, alternative education providers, and businesses pursuing LEED certification for green
Twenty-one percent of all of Bridgeway Capital's borrowers are low-income applicants. Thirty-five percent of borrowers are women-owned businesses and 26 percent are minority-owned businesses.
Since beginning to focus on business lending in 1994, Bridgeway Capital has provided almost $44 million in financing to 307 small businesses, creating and retaining hundreds of new jobs. Since inception, Bridgeway Capital borrowers created and/or retained nearly 4,070 jobs. In the last five years alone, 254 business loans injected more than $31 million into the regional economy through established, growing and start-up businesses. By investing in small businesses with capital and tools for business growth, Bridgeway Capital transforms entrepreneurial ideas into economic impact across western Pennsylvania.
Jeremy Resnick believed in a school system that could motivate children from low-income areas to succeed. Propel was started in 2003 with 180 children in a single school in Homestead, located in a basement at the former Homestead Hospital. Bridgeway Capital has continued to support Propel as it has become the largest, fastest-expanding set of charter schools in Pennsylvania. Full Story