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.
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