To Jerry Allen, the executive director of Allen Place on the North Side the financial assistance she received from Bridgeway Capital has made a tremendous difference to her and the people she serves. “As a result of their loan we were able to leverage other financing to make improvements and bring our building up to code,” said Allen. To fill the need for community programming, she and her husband Milton operating from an old elementary school building provide health and wellness programs to Pittsburgh’s North Side senior residents and for the social, emotional and educational needs of children and youth by encouraging the healthy development of family relationships and enhancing the cultural awareness in the broader community.
In operation for less than a month, Kimberly and Ronald Carson are happy and overwhelmed to receive a loan from Bridgeway Capital. The owners of a Painting with a Twist franchise have utilized their funding for startup capital. Still finding their way as owners of the nation’s largest paint-and-sip franchise, the couple plans to use all the resources and assistance Bridgeway Capital has to offer. “The hands-on training classes, mentoring sessions and entrepreneurial seminars will be an asset in moving us forward,” Kimberly expressed.
Until 2008 Bridgeway Capital existed as the Community Loan Fund of Southwestern Pennsylvania, even then its mission consisted of working to make the area a thriving region for all by promoting economic opportunity and community revitalization. The organization assists underserved populations by providing capital and education to ignite business and job growth, to develop communities, to support entrepreneurs and to expand vital services that strengthen the region.
Peterson reported that 2014 was a breaking year for the organization. “We closed 16 point 6 million dollars in 115 loans. That is a 121percent increase in deployment from 2012 when we did 51 loans for 7 point 5 million, he indicated.”
Future plans according to Peterson are to launch a Healthy Foods Financing Initiative next year. “We have raised one point eight million in new capital dollars to fund this lending and we predict that we will increase the access to fresh and healthy foods in low income communities. We will educate and fund the owners of corner markets to add fresh foods and we will help to finance grocery stores,” he pointed out using the Fifty Second Street Market in Lawrenceville as an illustration of their approach.
Emphasizing Bridgeway Capitals commitment to low income communities, Peterson mentioned their investment in the Manchester Citizens Corporation on the North Side for renovations of six town homes that occurred two years ago. As an update he said they soon expect the sale of the first unit and that there is interest in the others.
He also reported that the Homewood Station located on the corner of Homewood Avenue across from the East Busway, a project they invested in is also progressing. Residents are moving into the 41-unit new senior apartment building and Operation Better Block is identifying tenants for three ground floor commercial spaces.
OBB, according to executive director Jerome Jackson is also serving as the fiduciary agent for Vanessa German of the ARThouse who received money from Bridgeway Capital.
A major development Bridgeway Capital is involved in Homewood is 7800 Susquehanna Street. The five-story 150,000 square foot building will house artists, creative manufacturers and job training programs. A unique aspect of the project is the relationship and involvement with Ma’at Construction Group, LLC., a minority owned and operated company consisting of a variety of construction professionals specializing in commercial construction, existing building rehabilitation, history restoration, as well as retail and restaurant construction.
Ma’at Construction has been selected as the General Contractor for the interior modifications of the third and fourth floors of the building. “We are excited about the project and the opportunity to transition into the building,” said Rashad Byrdsong executive director of the Community Empowerment Association, Ma’at’s non-profit affiliate. The two entities have also created a workforce development resource to enhance the ability of local public and private developers, businesses and organizations to recruit and retain a diverse skilled labor workforce in the emerging industry sectors.
Ma’at Construction was also involved in the Homewood project and uniquely Byrdsong’s groups are the only that have been a Bridgeway Capital barrower, contractor and soon tenant.
Peterson said, “We cannot answer the question “So what?” without talking about African-American communities. Already the poorest communities in our region they were the hardest hit by subprime lending, the resulting Great Recession and then widespread foreclosures. The isolation from economic opportunity in African-American neighborhoods creates conditions that lead to poor schools, violence and health problems. If we fail to respond or if we give up because the problems are tough we will not have a region that thrives.”
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