Bridge Investment Community Development Corp. of Rock Island is celebrating this March as it reached a milestone with more than $3 million provided in lending to assist underserved individuals and communities with loan capital for small businesses and affordable housing initiatives.
In a news release, Executive Director Brian Hollenback said Bridge Investment has provided more than $3 million in lending to assist underserved individuals and communities with loan capital to assist in “sustaining and growing small businesses and affordable housing initiatives.”
Hollenback said since Bridge Investment’s first loan in 2016, the organization had originated 43 loans totaling $3,057,694.
The loans support affordable housing projects and small business in Iowa, Illinois and Arkansas. Those loans created 507 jobs and preserved 696 rental units and created 77,260 square feet of community facilities, as well as retail and office space to support small businesses.
Hollenback said Bridge Investment was a nonprofit organization that was created out of the failed attempt of a regional Quad-Cities Community Development Corporation that dissolved in 2014.
A new effort was launched with a focus on benefiting underserved businesses and communities. Out of that effort, Bridge Investment was created. Its participation has grown to 13 members and consists of lending institutions, a fraternal benefit company, construction companies and a nonprofit company that all have an equal seat at the table.
The members are: Modern Woodmen of America, BankORION, US Bancorp Community Development Corporation, Quad City Bank & Trust, SENB Bank, Sauk Valley Bank, American Bank & Trust, TBK Bank, Community State Bank, Bush Construction, Russell Construction, Estes Construction and the Development Association of Rock Island.
So it could benefit from the U.S. Treasury Department’s CDFI Fund, Bridge Investment became a certified Community Development Financial Institution in 2017.