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February 504
Funding Rates
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20 Year: 4.29
10 Year: 3.62
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The recognition is based on recent referrals that resulted in approved loans.
Ryan Buttermore, PNC Bank
Pat Fusco,
First Commonwealth Bank
Jim Jackson, Marquette Savings Bank
Maggie Horne, Gannon SBDC
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Bridgeway Capital relies on its partners to help provide financing and services where it's needed most -- growing businesses and nonprofits in western PA.
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Bridgeway Capital
Main Office
707 Grant St., Ste. 1920
Pittsburgh, PA 15219
(T) 412-201-2450
(F) 412-201-2451
Erie Office
1001 State St., Ste. 1400
Erie, PA 16501
(T) 814-451-1172
(F) 814-451-1150
bridgewaycapital.org
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Greetings!
Welcome to the first edition of LendingConnect. The bimonthly newsletter will focus on creative financing, 504 rates, stories and partnerships -- we hope you find it interesting and useful. In this issue, learn more about a recent 504 loan approval in Erie, key topics of interest for 2013, and a story about one of our borrowers. Also, a big "thank you" to our referral sources listed in the left-hand column -- your referrals resulted in recently approved loans, and we appreciate your support! |
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504 Loan to Construct New Hotel in Erie
 The Deal: New construction on an extended-stay hotel providing modern, eco-conscious accommodations for business and vacation travelers in Erie.
- Total Project Cost: $6.22 million
- Erie Bank: $3.12 million
- Bridgeway CDC: $1.87 million
Why 504?
The SBA 504 Loan allowed the borrower to receive long-term, low-interest, fixed-rate financing for the hotel construction. It also allowed the bank to make a large loan while mitigating the higher level of risk associated with the hotel industry -- a win-win for everyone.
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What You Should Know in 2013
Access to capital and federal contracting are key topics in the coming year, and best practices are important to consider in determining ownership interests. Learn more in the articles below.
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Growing Manufacturers
Creative Financing Supports Manufacturer of Cycling Apparel
 Aero Tech Designs opened in 2008 as a designer and manufacturer of bicycling apparel. Located in Coraopolis, the company emphasizes high technical quality, performance and comfort in its apparel, as well as a line of made-in-USA products.
In 2012, Aero Tech Designs expanded and needed to purchase equipment to accommodate a new print shop. With a loan from Bridgeway Capital and Catalyst Connection through a program for manufacturers in Allegheny County, the company received a competitive financing rate. To complete the expansion, Aero Tech Designs also received critical financing from the Southwestern Pennsylvania Commission. Today the company continues to thrive -- they are adding jobs, updating designs, and creating new high visibility and reflective garments this year.
Want to learn more about creative financing and our loan products? Please visit our website, contact us at 412-201-2450, or email our loan officers directly: Christian DeSarbo - Senior Loan Officer; Dwayne Rankin - Growth Loan Officer; Aaron Aldrich - Entrepreneur Loan Officer; T.J. King - Loan Officer - Erie; and Ryan Lockhart - 504 Loan Officer.
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Thank you, and feel free to contact us at any time.
Sincerely,
Bridgeway Capital is committed to growing, innovating, and stimulating growth in western Pennsylvania. We work to reach businesses and organizations where they need it most -- with available capital. We partner with banks, credit unions and other organizations to make financing possible for growing businesses and organizations. We also provide educational opportunities to maximize the potential success of the business. We act as a primary or secondary source of financing, and work with you to close a deal as easily and efficiently as possible. Learn more about Bridgeway Capital on our website. |
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