Millennium Bank is partnering with BrightBridge Capital to provide a $5 million line of credit to be used within the bank’s footprint to fund projects ranging from affordable housing to company startups.
The 15-year commitment will meet a variety of needs throughout the region. Funding to support local community development and under-capitalized businesses along with low to moderate income housing are just a few examples of projects that might qualify for funding.
Along with funding comes technical assistance and support from the BrightBridge team.
“In some situations, owners struggle to fully finance their business,” says BrightBridge CEO Bill Pollard. “For those individuals, traditional bank funding might not be a possibility – and that’s where we come into play. As a community development financial institution, we partner with banks like Millennium, which invest in our efforts so we can assist those in need.”
Pollard notes that BrightBridge’s relationship with Millennium began to take shape during the Paycheck Protection Program.
“While working with Millennium and their partner, Alliance Bank, in Gastonia, North Carolina, we were able to process 150 loans that placed $19.4 million in the hands of small businesses. It was a hectic time, but working together strengthened our professional partnership and led us to form this partnership.”
Sam Jones, executive vice president and chief loan officer at Millennium, says he’s looking forward to seeing where the funds will be deployed. “Affordable housing is a huge issue in our markets, and the funds we’re making available can assist in meeting those needs along with many others.”
Interested small businesses and startups may call BrightBridge Capital at 423 424-4220.
Sources: BrightBridge; Millennium Bank