Bridgeway Capital Awarded $1.5 Million
Date: 07/18/2011
PITTSBURGH, Pa. – Bridgeway Capital was awarded a $1.5 million grant, the maximum amount, from the Community Development Financial Institutions (CDFI) Fund of the U.S. Treasury Department this morning.
One of 94 awards to loan funds across the nation, and one of 155 awards for $142.3 million overall, Bridgeway Capital will use the funds to increase its lending to growing small businesses, which help to build wealth and expand employment opportunities for low-income residents of western Pennsylvania.
“We are grateful for this award by the CDFI Fund,” said Mark Peterson, President of Bridgeway Capital. “It enables us to support growing small businesses with access to capital, which is especially important given this current environment in which businesses have great difficulty obtaining loans. This grant will go a long way toward our mission of making western Pennsylvania a thriving region for all.”
To date, Bridgeway Capital has received $10,013,400 in grant funds from the CDFI Fund.
About the CDFI Fund FA awards
The CDFI Fund uses Financial Assistance awards through the CDFI Program to invest in and build the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. The CDFI Fund provides these awards to CDFIs that demonstrate, through their proposed comprehensive business plans, the ability and capacity to deploy credit, capital, and financial services to their target markets or to expand into new investment areas, low-income targeted populations, or other targeted populations. Click here for more information.
