For New Pittsburgh Courier
The New Pittsburgh Courier has learned that Bridgeway Capital has launched a COVID-19 Response Fund that makes lending capital available to help small businesses and nonprofits manage business disruptions and navigate the negative economic impacts of the COVID-19 crisis. The response is driven by Bridgeway’s mission to increase access to capital in underinvested communities to create a regional economy where all can thrive. As a mission-driven lender, Bridgeway said in a release to the Courier that it is positioned to bridge funding gaps for small businesses and nonprofits that are unable to access mainstream financing.
“Our COVID-19 Response Fund makes patient and responsive capital available to sustain small businesses and nonprofits that may not be adequately supported by other economic recovery efforts,” said T.J. Bogdewic, President and CEO, Bridgeway Capital, in the statement. “Now, more than ever, our region needs patient capital to ensure that the potential of all communities and entrepreneurs persists through the present crisis.”
The fund offers low-interest loans with flexible payments to entrepreneurs, with preference to small businesses that are minority-owned, or women-owned, or veteran-owned, and nonprofits in Western Pennsylvania. Small business owners can also access free technical assistance from Bridgeway’s Entrepreneurship Hub for strategies on marketing, accounting, legal, and operations to help small businesses adapt to changing market conditions.
Bridgeway will make loans available up to $50,000 for small businesses and $100,000 for nonprofits. Loans will have low-interest rates, no payments for three months, then interest-only payments for one year, followed by a five-year term out. To help qualified small businesses and nonprofits access loan capital, Bridgeway opened the applications at bridgewaycapital.org.
Applicants will be connected with a Bridgeway Loan Officer able to guide small businesses and nonprofits on financing and how to apply.
LAURENCE CAMPBELL, left, son of Sarah B. Campbell, with Bridgeway Capital President T.J. Bogdewic. (Courier File Photo)
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