CLEVELAND, Sept. 5, 2023 /PRNewswire/ — KeyBank Community Development Financial Institutions (CDFI) Group has provided a $5 million line of credit (LOC) to Bridgeway Capital.
Specifically, KeyBank’s loan will help Bridgeway expand its lending programs into eastern Ohio and will help minority- and women-owned businesses gain access to much needed capital in underserved areas such as Youngstown–Warren–Boardman, OH-PA and Allegheny-Butler–Fayette, PA.
“Bridgeway has been a long-standing customer of KeyBank, and we are delighted to extend this new facility to help support underserved entrepreneurs grow businesses, revitalize and stabilize neighborhoods,” said Brian Maddox, National Team Leader for KeyBank Community Development Financial Institutions group. “Bridgeway has been a driver of capital for minority, women, immigrant, and veteran-owned businesses in economically distressed urban and rural areas throughout western Pennsylvania and we’re thrilled to see their footprint expand into eastern Ohio.”
“We are grateful for KeyBank’s support of Bridgeway’s work to advance opportunities in eastern Ohio,” said T.J. Bogdewic, President and CEO, Bridgeway Capital. “KeyBank’s loan will help Bridgeway make focused investments in places to create quality jobs, build successful businesses, and develop vibrant communities.”
About Bridgeway
Bridgeway Capital is a mission-driven lender, a nonprofit alternative to banks that lends to small businesses, nonprofits and real estate projects that have a positive community impact. As a Community Development Financial institution (CDFI), Bridgeway is certified by the U.S. Treasury. Since 1990, Bridgeway has invested more than $250 million in communities across the region, with over 90% of the funding provided to low-income communities. As a social impact investor, Bridgeway focuses on equitable economic growth in underserved areas by providing impact-driven lending and programs to grow businesses and revitalize places. For more information, visit www.bridgewaycapital.org.
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.
About KeyCorp
KeyCorp’s (NYSE: KEY) roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $195 billion at June 30, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
SOURCE KeyCorp
