27th Annual Event
On November 8th, Bridgeway hosted its biggest Annual Event ever. 600 clients, partners, and investors were in attendance to celebrate Bridgeway’s record-breaking year of impact, investing $20 million into projects and people making a difference. The evening included remarks from Annie Donovan, Director of the Community Development Financial Institution Fund (CDFI Fund) and Mark Peterson, Bridgeway President and CEO. They focused on the importance of investing in low-income communities to ensure that growth benefits all. Bridgeway played four videos that demonstrated clients’ sacrifice and success, and share stories of the important projects and inspiring people bringing opportunity to western Pennsylvania.
The letterpress shop is a woman-owned craft business that came to us through Bridgeway’s Craft Business Accelerator. The Accelerator supports Pittsburgh’s growing economy of creative entrepreneurs making products with skill and heart. Sapling Press needed a larger space to meet national and international demand. It is a growing small manufacturer in Bloomfield and it is creating quality jobs.
Big LuLu’s Trucking
Bridgeway supports small businesses historically excluded from the real estate development process. By delivering materials and hauling debris, Big Lulu’s Trucking powers and benefits from the boom. Owner Celeste Phillips is growing her business in a male-dominated field and bringing prosperity to her family and her community.
The Hope Center for Arts and Technology
HopeCAT in Sharon builds on the model of the Manchester Bidwell Corporation in Pittsburgh. They make the impossible possible and realize the genius in everyone. Bridgeway helped HopeCAT renovate a vacant Catholic school into a high-tech, job training facility, filled with art, light, technology, and hope to serve students in the hard hit Shenango Valley.
My Three Sons Vending
Andrea Barber, owner of My Three Sons Vending is working to build a vending machine company. More importantly, Andrea is building a better future for her family. Her business offers more nutritious options in communities that lack access to healthy foods.
With our clients participation we accomplished another record breaking year with 20 million in loans and investments in the projects and people making a difference in western Pennsylvania. Just 5 years ago we were pleased with deploying $7.5 million. We ended 2017 with $115 million in assets and available capital. We are prepared to place $100 million in low income communities by 2020.
Over the last five 5 years we made 174 loans to minority led enterprises and 188 loans to women led enterprises. In 2017 our loan losses were one percent 1%. The numbers we report reflect the shift in our lending outlined last year. Bridgeway is growing its real estate lending in low income communities. At the same time we maintain our commitment and to financing small businesses in those communities.
We are thrilled that so many clients, investors, and partners attend our annual event. When you work with Bridgeway, you join a greater strategy to make western Pennsylvania a good place for everyone to build a business and pursue a dream.