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Vol. 3, Issue 3
Fall 2010 |
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FY 2010 Statistics
89 loans for $9,038,204
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$1,492,000 in 504 loans approved
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2,367 hours of technical assistance to over 80 unique small businesses in last 5 months |
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504 Funding Rates
September
20-year: 4.6%
10-year: 3.69%
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Welcome New Borrowers | |
- All Water Systems
- Allen Place Community Services
- Alternative Energy Youth Farm
- Apex CNC
- Archer's Edge
- Bella Amici Salon
- Christian Home Healthcare
- Family Direct Connect
- Frankie I's Bar and Grille
- Myers Insurance & Financial Services
- Ken Frank's Trucking
- Radio Magic Pittsburgh
- Ross Staffing Solutions
- S Spot Salon
- Steel City Rowing
- Who's Your Mommy
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News
Penn State New Kensington sessions provide business voice, ear - read story hereCommunity spirit motivates food bank's New Kensington benefactor (Castle Co-Packers) - read story here
Brookline benefits from those who find once overlooked area full of promise (Vinnie's Pretzel Shoppe) - read story here Monessen outfit bucks slump (Santelli Tempered Glass) - read story here
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| | Mission-focused |
Bridgeway Capital helps ignite growth to make western PA a thriving region for all.
We provide capital and educational opportunities to increase growth, expand entrepreneurial capacity, and sustain vital services that strengthen our region.
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Greetings!
Autumn is here and we are busy planning for our 20th Anniversary Celebration, developing strategies to reach more small businesses (helped by the recent passage of the Jobs Bill), and providing over $9 million in capital to small businesses and organizations across western Pennsylvania.
In this newsletter, learn more about our 20th Anniversary Celebration, our borrowers' achievements, our recent CDFI award, and our lending in FY 2010. We hope you enjoy!
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Celebrating 20 Years of Impact
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For 20 years now, Bridgeway Capital has provided flexible capital and
educational opportunities in western Pennsylvania. It is a significant milestone, and we couldn't have done it without our partners and friends.
That's why we'd like to invite you to Bridgeway Capital's 20th Anniversary Celebration, where we
will remember our history, recognize our partners, and celebrate our impact
across western Pennsylvania.
Tuesday, October 19 from 5 - 8 p.m.
Omni William Penn Hotel, Pittsburgh
Enjoy hors d'oeuvres and drinks at the reception, mingle with Bridgeway
Capital clients and guests at the Business Showcase, and enjoy a gourmet dinner
and commemorative evening program. Click here for details, and click here to register for the event.
Thanks to our Platinum Event Sponsor - PNC Bank - and our other sponsors. We appreciate your support.
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| Achievements: Archer's Edge; Castle Co-Packers; Santelli Tempered Glass; Propel
|  The Archer's Edge, located in Oakdale, had a successful grand opening on Saturday, September 25, just in time for the archery season opener on Oct. 2. A complete archery outfitter, the business offers an indoor archery range and archery instruction, products, archery leagues, and a variety of interesting events. The business utilized Bridgeway Capital's technical assistance; after working with a marketing consultant, they were able to plan a successful grand opening event with consistent branding and marketing materials. To read more in the Pittsburgh Post-Gazette, click here, and to watch the video on WTAE-TV, click here.
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Castle Co-Packers, a bottling plant located in New Kensington, received the Outstanding Donor Award by the  Westmoreland County Food Bank for donating 2.35 million pounds of juice and tea since 2005, and also for participating in the Food Bank's disaster plan. The drinks are included in the donation bags to more than 7,000 families each month. To read more in the Tribune Review, click here. **********************************************************************  The Pittsburgh Business Times recently named its Top 100 Fastest-Growing Companies, and two of Bridgeway Capital's borrowers made the list - Santelli Tempered Glass and Castle Co-Packers. Santelli Tempered Glass, located in Monessen, was ranked #16 (#5 on the manufacturing/transportation list) and grew its revenue nearly 125% from 2007 - 2009. Castle Co-Packers was ranked #82 (#14 on the manufacturing/transportation list) and grew its revenue nearly 30% over the same time period. Congratulations! To read more about the Top 100, please click here.
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According to a report of the performance of Propel students on the 2009-2010 state tests, the students are now more likely to be at grade level than the typical Pennsylvania public school student in both mathematics and reading, despite the fact that 75% are classified as economically disadvantaged (compared to 40% statewide). Economically-disadvantaged students at Propel are now performing at a level equivalent to the typical Pennsylvania public school student, regardless of income. The achievement gap has been closed. Congratulations Propel!
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Bridgeway Capital Receives $750,000 from the CDFI Fund
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Bridgeway Capital received a $750,000 grant from the CDFI Fund of the U.S. Treasury
Department. One of only 147 grants of its kind, Bridgeway Capital will use the award to further its
growth capital funding for small businesses, which will build wealth and expand
employment opportunities for low-income people in western Pennsylvania. This $750,000
grant, the maximum amount awarded, gives Bridgeway Capital a total
of more than $8.5 million in grants received from the CDFI Fund since 1996. |
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Jobs Bill Passes
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The President just signed the Small Business Jobs Bill into law. For Bridgeway Capital, this means more available capital for small businesses. Among other benefits, the SBA microloan limit will be raised from $35,000 to $50,000, and the new maximum for SBA 504 loans is $5.5 million. One of the most significant benefits is the
ability to refinance debt for owner-occupied commercial real estate through the
SBA 504 program
This is great news for small businesses. The SBA is beginning to establish policies to implement the Jobs Bill, and we will keep you posted as this moves forward.
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To access past issues, click on Bridgeway Capital's homepage, then click About Us, and then E-newsletter Archive. Or, simply click here to visit our archive. We'd like your feedback, so let us know if you have suggestions or comments: lgage@bridgewaycapital.org.
Thank you for reading, and we appreciate your time and support. If you know any small businesses or nonprofits in need of financing, please give us a call - 412.201.2450.
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