Letter from the CEO


2022 was a transformative year for Bridgeway.

Despite the challenges posed by a dynamic global economic landscape, Bridgeway displayed remarkable resilience. Lending returned to pre-pandemic levels. Bridgeway closed 101 loans and 34 grants totaling $24 million, edging slightly ahead of the $23 million deployment record set in 2019. This achievement is helping small business owners, real estate developers, and nonprofits access the capital needed to rebuild, grow, and launch their projects.

The ultimate measure of Bridgeway’s success lies in positive change within the communities served. Bridgeway continues to make progress toward its 2021 – 2025 Strategic Plan goal to invest $100 million in capital and resources into 10 focused investment areas by 2026. The emphasis of this goal is to drive equitable and measurable community outcomes. Toward that end, Bridgeway achieved the following impact in FY22:

  • 50% of loans were made to African American borrowers.
  • 96% of the total dollars deployed was invested into low-to-moderate income areas or to nonprofits serving low-income individuals.
  • 15 loans totaling $9.6 million made to housing developers will create or preserve 220 affordable housing units.
  • 34 loans to early-stage businesses will spur new business creation.
  • 4,800 hours of business education programming was provided at no cost to entrepreneurs.
  • 687 full-time jobs will be created or retained by our borrowers.

Throughout the year, Bridgeway executed its strategic goals to expand our services and geographic reach. We deepened our engagement in postindustrial towns, like New Kensington, and entered new markets in the Youngtown and Warren areas of eastern Ohio to support essential community services, like the nonprofit Inspiring Minds. We’ve established meaningful relationships with new clients and partners in these areas. This annual report highlights their stories. I encourage you to explore this annual report to learn more about the transformative work Bridgeway’s team has accomplished together with our clients, partners, and supporters.

Looking ahead, we remain committed to our mission to combat injustices and advance opportunities by building capacity, investing capital, and developing underserved areas to grow businesses and revitalize places. Bridgeway will recognize the evolving needs and challenges of the communities we serve and adapt our services to meet those challenges. Bridgeway will explore innovative approaches, expand our partnerships, and leverage technologies to maximize our impact. I am incredibly proud of the accomplishments of our team and the positive impact we have made together. Our team’s dedication, combined with the support from stakeholders, will continue to fuel Bridgeway’s success, driving positive change for years to come.

Thank you to all who support Bridgeway’s mission.

 

Sincerely,

T.J. Bogdewic

 

Read the next chapter of our 2022 Annual Report.

Impact Numbers