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 start-ups.
Millennium Bank’s Chattanooga group provides services to businesses and individuals in southeast Tennessee along with those located in Catoosa, Dade and Walker Counties in Georgia. The 15-year commitment will provide a long-range approach to meeting 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 may qualify for funding.
Along with funding comes technical assistance and support from the professional team at BrightBridge. “We know that in some situations, owners struggle to fully finance their business. For those individuals, traditional bank funding may not be a possibility and that’s where our efforts come into play. As a CDFI (community development financial institution) we partner with banks like Millennium who invest in our efforts so we can assist those in need. It’s a strong relationship and we’re grateful for the support,” said Bill Pollard of BrightBridge.
He noted that the relationship with Millennium began to take shape during the midst of the PPP (Paycheck Protection Program). “Working with Millennium and their partner Alliance Bank in Gastonia, NC, we were able to process 150 loans which resulted in $19.4 million going out into the hands of small businesses. It was a hectic time for all of us; however, working together strengthened our professional partnership and led us to announcing today’s good news.”
Sam Jones, executive vice president and chief loan officer at Millennium said, “BrightBridge and Millennium are two local institutions sharing an incredible track record of meeting the needs of those we serve. 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. We’re excited to see where the future leads with these funds deployed in our local communities.”
Millennium market president Joel Defoor said, “We value BrightBridge’s deep network of relationships and ability to craft solutions for underserved commercial customers which may otherwise struggle to find capital.
Nontraditional ourselves, we appreciate partners who think outside the box to get results.”
Interested small businesses and start-ups are encouraged to find out more about potential funding and technical assistance by calling BrightBridge Capital at 423 424-4220.