CL Fund has changed its name to Bridgeway Capital as part of its plan to increase its impact in western Pennsylvania. The new name reflects the organization’s foundation in the region, its connection to entrepreneurs, and also its dedication to providing capital and tools for small business growth. The need for a name change was evident from a survey in late 2007 to various stakeholders. Nearly 40 percent of respondents indicated the confusing nature of the name “CL Fund” as a weakness, which led to greater confusion about the company’s products, services and purpose. “According to the survey results, we needed to rethink our identity,” said Mark Peterson, President of Bridgeway Capital. “As we focus on the strategies that will help us make western Pennsylvania a thriving region, we need a name that better reflects our purpose, mission and activities.” The name “Bridgeway Capital” represents the connection to entrepreneurs and growing businesses, the financing and education opportunities for small businesses, and the transformation of entrepreneurial ideas into business growth and economic impact. According to Mr. Peterson, the new name is the first step toward accomplishing its strategic growth plan. Bridgeway Capital plans to increase financing and inject $84 million in new capital into the region, improve the knowledge and skills of entrepreneurs and small businesses to help them grow and succeed, and create new businesses and new jobs. “While Bridgeway Capital is a new name, it represents who we are and who we have always been,” said Mr. Peterson. “We’re the same organization with the same dedicated people – now we have a name that positively reflects our efforts toward small business growth and regional impact.” To accompany the name change, Bridgeway Capital’s new website address is bridgewaycapital.org. |
