Brightpoint Development Fund Receives $2 Million Equity Equivalent Investment

Fort Wayne, IN – Brightpoint Development Fund has received a $2,000,000 Equity Equivalent Investment (EQ2) from Old National Bank to strengthen the organization’s CDFI lending capacity and further its mission of expanding access to affordable capital. This is the first EQ2 investment into Brightpoint Development Fund.

“We appreciate the opportunity to partner with the Brightpoint Development Fund,” says Justin Libey, Community Banking Relationship Manager and Vice President at Old National Bank. “This investment in Brightpoint is truly a commitment to our community, with Brightpoint being the administrator of so many impactful and vital services. We trust Brightpoint will maximize these funds to improve the lives of those in need.”

The funding from Old National Bank will directly support lending to individuals through the Community Loan Center of Northeast Indiana, expand small business loan offerings, and scale the Personal Financial Foundations program.

“Old National Bank’s investment in Brightpoint Development Fund will significantly expand our ability to provide affordable capital to individuals and small businesses who are often excluded from traditional financing,” says Matt Crouch, Vice President of Community Economic Development for Brightpoint.

This investment builds on recent public-sector support for Brightpoint Development Fund, including grants from the City of Fort Wayne’s Legacy Fund and the Allen County/Fort Wayne Capital Improvement Board.

Founded in 2011, Brightpoint Development Fund, a subsidiary of Brightpoint, is a nonprofit organization that provides affordable business loans, financial education, and housing development services. It is a U.S. Small Business Administration (SBA) micro lender and a U.S. Department of the Treasury Community Development Financial Institution (CDFI.)

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Brightpoint is a private, 501(c)(3) nonprofit organization serving nearly 55,000 people across northeast Indiana each year. Through a wide range of programs, Brightpoint helps communities, families, and individuals remove the causes and conditions of poverty. All Brightpoint services are provided without regard to race, age, color, religion, sex, sexual orientation, disability, national origin, ancestry, or status as a veteran.