To an audience of nearly 600 during Bridgeway Capital’s annual event, Nov. 8, Mark Peterson reported another year of success. “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,” Peterson, Bridgeway’s President and CEO, said. “We ended 2017 with $115 million in assets and available capital and are prepared to place $100 million in low-income communities by 2020.”
Peterson said that over the last five years Bridgeway Capital has made 174 loans to minority-led enterprises and 188 loans were made to women-led enterprises. Minority businesses highlighted during the event included; #ATU Athletic Trauma Unit, Big Lulu’s Trucking, LowCountry Building Solutions, My Three Sons Vending, The Natural Choice and YouthPlaces. Handcrafted cookies made by Glenn’s Cookies were given as a parting gift. Annie Donovan, director of the Community Development Financial Institution Fund of the U.S. Treasury Department, served as keynote speaker for the evening.
“The CDFI Fund is an essential source of capital for Bridgeway and organizations like us across the country. It has high standards. Every year the competition is tough. It is a privilege to be part of a well-run national program with deep and widespread impact,” said Peterson. While presenting Donovan with the Bridgeway Capital 2017 Impact Award, Peterson said Donovan embodies Western Pennsylvania’s work ethic, empathy, and focus. She expanded the company’s funding in 2017 to a record 303 CDFIs, including 50 receiving awards for the first time. CDFIs are certified by the Community Development Financial Institutions Fund at the U.S. Department of the Treasury, which provides funds to CDFIs through a variety of programs.