Bridgeway Capital was awarded a $2 million grant yesterday from the CDFI Fund of the U.S. Treasury as part of the American Recovery and Reinvestment Act.

One of only 59 competitive awards across the country, Bridgeway Capital will use the grant to increase its lending to growing small businesses, specifically those businesses that build regional wealth and expand job opportunities for low- and moderate-income people.

“We are grateful for this investment by the CDFI Fund,” said Mark Peterson, President of Bridgeway Capital. “It enables us to lend stimulus funds directly into the hands of growing small businesses. Small businesses need capital to grow, and the economy needs small businesses. This capital is a vital to our mission of making western Pennsylvania a thriving region.”

Mr. Peterson said that Bridgeway Capital has received nearly $7.8 million in grant funds from the CDFI Fund to date.