Pictured above, from l. to r.: David Glasgow, SBA, Tennessee Director; Drew Tomlin, BrightBridge; Ruby Cash, BrightBridge; Paige McVity, BrightBridge; Charles Millirons, BrightBridge; and Lisa Denton, SBA, Tennessee District Office.
Nonprofit works with small businesses, including startups which do not qualify for conventional funding
BrightBridge Capital was recently recognized by the Tennessee District Office of the U.S. Small Business Administration (SBA) as the state’s top dollar and loan volume provider of SBA’s Community Advantage and 504 loan programs during the federal government’s 2023 fiscal year.
The Chattanooga-based nonprofit works with small businesses, including startups which do not qualify for conventional funding.
BrightBridge’s Community Advantage loan clients include a yoga studio, home audio retailer, and an indoor golf facility. Bill Pollard, BrightBridge Capital president noted that the nonprofit economic development organization can make these working capital loans up to $350,000. The loans usually don’t require as much collateral as other small business loans.
The 504 loans are used to purchase long-term, fixed assets including real estate and large equipment. One of the projects funded by BrightBridge is a manufacturer that designs, builds and installs custom closets and storage systems. The business converted from leasing to owning its warehouse by taking advantage of the loan program’s below-market fixed-rate financing.
“In this situation, the owner purchased the warehouse with 10% down and leveraged a low fixed rate,” said Pollard. “The low fixed rate translates into stable monthly payments that don’t increase over time and most importantly, results in the founder of the business now owning a valuable asset.”
Image by rawpixel.com on Freepik.
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