Brightbridge Capital Honored as Top SBA Nonprofit Lender in Tennessee
The Tennessee District Office of the U.S. Small Business Administration (SBA) recently commended Brightbridge Capital, a nonprofit based in Chattanooga, as the state’s leading dollar and loan volume provider for SBA’s Community Advantage and 504 loan programs during the federal government’s 2023 fiscal year. Brightbridge Capital has been instrumental in supporting small businesses, including startups who do not typically meet the qualification criteria for traditional funding.
Supporting Community and Aspiring Entrepreneurs
Brightbridge Capital’s Community Advantage loan recipients span across various industry sectors, from yoga studios and home audio retailers to an indoor golf facility. The nonprofit organization provides these working capital loans up to $350,000, which require lesser collateral as compared to conventional small business loans, hence making them a preferable choice for entrepreneurs in need of capital.
Enhancing Local Industries through 504 Loan Programs
In addition to the Community Advantage loans, Brightbridge Capital also offers the SBA 504 loan programs. These are designed to facilitate the purchase of long-term fixed assets, such as real estate and major equipment. An illustrative example of this program is a local manufacturer that designs, constructs, and installs custom closets and storage systems, utilizing the 504 loan program to transition from leasing to owning its warehouse.
“The owner purchased the warehouse with 10% down and leveraged a low, fixed rate,” said Bill Pollard, President of Brightbridge Capital. “The fixed, below-market interest rate offers the benefit of stable monthly payments that do not increase over time. Thus, the company now owns a valuable asset resulting in a significant positive outcome for the founder,” he added.
A Commitment to Economic Development
Brightbridge’s lending programs demonstrate their commitment to facilitating business growth, especially for small businesses and startups, by offering affordable and flexible financing options that cater to their unique needs. Their recognition as the top SBA nonprofit lender in Tennessee is a testament to their consistent efforts and contributions to the state’s economic development.
By providing such critical financial resources, Brightbridge Capital serves an essential role in fostering a nurturing environment for entrepreneurship, leading to job creation, economic expansion, and the overall prosperity of communities across Tennessee.
A Bright Future
As Brightbridge Capital continues to uphold its mission of supporting small businesses in Tennessee, it is anticipated that their impact will be further magnified. Their commitment to provide practical, affordable financial solutions to entities who struggle to secure conventional funding indeed paints a bright future not just for their clients but for the entire economic landscape of Tennessee.
This noteworthy recognition from the Tennessee District Office of the U.S. Small Business Administration truly underscores Brightbridge Capital’s pivotal role in economic development, innovation, and community enhancement.
