Pittsburgh Business Times
March 15, 2016
By Patty Tascharella
Goldman Sachs’ 10,000 Small Businesses initiative on Monday awarded $5 million to Bridgeway Capital to stimulate job creation in western Pennsylvania.
The initiative focuses on small companies that have been operating for at least two years, have more than $150,000 in revenue and employ at least two. Bridgeway will deploy the capital via loans to small businesses in the Pittsburgh region that are growing and creating jobs in low- to moderate-income areas.
The 10,000 Small Businesses initiative is a $500 million investment by Goldman Sachs that provides entrepreneurs with a practical business education, access to capital and business support services.
Bridgeway is a nonprofit community development financial institution that provides loans to enterprises in western Pennsylvania.
The Goldman Sachs Foundation and Goldman Sachs Bank USA also are providing independent grant support to Bridgeway in order to expand its small business lending outreach and technical assistance programs as well as to capitalize a loan reserve fund.
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