The Department of Community and Economic Development (DCED) Secretary C. Alan Walker announced today the allocation of $29.2 million of funding to 12 organizations from the U.S. Department of the Treasury's State Small Business Credit Initiative (SSBCI) to economic, community and technology development partners throughout Pennsylvania.
More than $6 million in federal funding will be going to Western Pennsylvania community development financial institutions to provide small-business loans. Bridgeway Capital's allocation is $2 million, which will be used to attract additional capital and help it to provide 510 loans and create more than 2,000 jobs. Kristin Klingenberg, Bridgeway's general counsel and vice president of development, said that while the difficulties of accessing capital have lessened somewhat, she's surprised by the number of high-quality applications they receive that are unable to get full funding from banks.
"They still need that partner," she said of the entrepreneurs and expanding small businesses that seek assistance.