This program is designed to provide a variety of financing options to eligible minority, women, and veteran owned small businesses.
Under this program, businesses may apply for the following types of funding:
Advances the opportunities for eligible businesses to obtain accounts receivable financing for public sector contracts for work being performed in Allegheny County. Applicants must self-perform at least 60% of work specified under the contract. Total loan amount not to exceed 80% of the total project cost.
Provides relief from high interest debt obligations, improve Borrower credit score, and business cash flow. To be eligible, businesses must provide documentation that refinance debt is for business-related expenses, interest being charged is significantly impacting cash flow, and work with the Lender to re-assign freed cash into business improvements or to pay off other debt service.
Traditional loans for business start-ups or expansion. Businesses must commit to create one new Full-Time Equivalent (FTE) job for every $35,000 borrowed.
There is no penalty for early repayment.
Because this program aims to provide access to capital to veterans and those who have traditionally been discriminated against and disadvantaged when seeking financial services and financial products, at least 51% of the business must be owned, operated, and controlled by someone who is a racial/ethnic minority, a woman, or a veteran, as further defined below:
At least 51% owned, operated, and controlled by one or more persons who is Black, Hispanic, Native American, Asian-Pacific, Subcontinent Asian, or another minority group found to be disadvantaged as defined by the SBA.
At least 51% owned, operated, and controlled by one or more persons who is a woman.
At least 51% owned, operated, and controlled by one or more persons who has served in one of America’s eight federal uniformed services or their reserve components. The eight federal uniformed services are:
In addition to being owned, operated, and controlled by a minority, woman, or veteran, businesses must demonstrate economic disadvantage. Business owners must not have a personal net worth that exceeds $1.32 million. A business’s annual gross income cannot exceed $26.29 million.
Businesses must be located and operate in Allegheny County. Businesses located within the City of Pittsburgh are not eligible.
Businesses seeking short term lending must be veteran owned or a disadvantaged business enterprise (DBE) certified by the Pennsylvania Unified Certification Program (PA UCP). Businesses obtaining funding for other uses may be self-certified through a Lender-driven self-certification process.
The following businesses are ineligible for this program: businesses located in the City of Pittsburgh or outside Allegheny County; businesses with a conflict(s) of interest; businesses engaged in illegal activities, loan packaging, speculation, multi-sales distribution, gambling, investment, or lending.
As part of the application process, eligible businesses will receive technical assistance in preparing application documents. Additionally, a technical assistance plan will be created with each business that receives funding through this program. This plan will be specific to each businesses’ unique needs and will help strengthen participating businesses.