Three Certified Development Corporations merge
The survivor is BrightRidge Capital in Chattanooga.
Chattanooga-based BrightBridge Capital is touting its recent merger with two other Tennessee-based financial entities: the Areawide Development Corporation in the Maryville-Alcoa area and the Tennessee Business Development Corporation in Paris.
The strategic mergers enhance BrightBridge’s position as a leading partner for bankers seeking Small Business Administration (SBA) 504 financing solutions for their small business clients across the state.
According to a news release, SBA works with approved Certified Development Companies (CDCs) to administer its 504 Loan program. The program provides funding to purchase commercial real estate, machinery, and equipment, as well as financing for the purchase or upgrade of fixed assets. In turn, jobs are created and businesses grow.
Thanks to the mergers, BrightBridge now offers increased operational capacity and, equally important, local expertise to assist and support commercial lenders in providing long-term, fixed-rate SBA 504 loans for owner-occupied commercial real estate and equipment.
“We’re excited to add staff from ADC and TBDC as part of our BrightBridge team,” said Bill Pollard of BrightBridge. “This is a powerful alignment of resources and vision and underscores the streamlined services of a trusted CDC team with decades of SBA lending experience.”
The new team members joining from Alcoa and Paris will remain based in their home markets.
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