Areas Served: City of Pittsburg
The Pittsburg Business Growth Fund provides Gap financing for:
¢ Machinery and equipment
¢ Leasehold improvements, including facade renovations
¢ Working Capital Eligible Businesses:
¢ Manufacturing
¢ Commercial and Industrial
¢ Advanced Technology
¢ Service
¢ Retail Ineligible:
¢ Bars, Adult Entertainment, Beer Distributors
¢ Non-Profit organizations, Banks, Savings and Loan Associations
¢ Non-independently owned gas stations, used car lots
¢ Check cashing outlets, furniture and appliance rental shops
¢ Refinancing Amount of Loan:
¢ Up to 40% of total project cost – maximum loan $150,000
¢ Minimum loan amount $10,000 Maturity:
¢ Up to 5 years for working capital, up to 7 years for equipment and up to 15 years for leasehold improvements; term not to exceed that of the private lender.
Costs to Borrower:
¢ Interest rate fixed at market rate (may be reduced in “Target” areas)
¢ Minimum cash equity requirement: 10% of total project cost
¢ Application fee: $250 (non-refundable)
¢ Due diligence fee: 2% of URA loan amount
¢ Loan servicing fee paid at closing and annually thereafter of one-half of one percent (0.5%) of the outstanding loan balance
¢ Construction inspection fee of one-half of one percent (0.5%) may be required for leasehold improvements
¢ Filing fees due at closing General Conditions:
¢ One job created and/or retained for every $30,000 borrowed
¢ 51% of jobs created must be filled by low/moderate income persons
¢ Borrower is encouraged to use the PA CareerLinks
¢ May be combined with other public financing programs
¢ Business must be located in the City of Pittsburgh
¢ Must demonstrate sufficient cash flow in order to repay the loan
¢ Loan must be secured by adequate collateral and personal guarantees
¢ Federal prevailing wage laws may apply to leasehold improvements
¢ A project with a total cost greater than $250,000 must develop and comply with a Minority- and Woman-owned Business Enterprise Plan
¢ The project must meet applicable environmental/historic guidelines
Contact InformationUrban Redevelopment Authority of Pittsburg
Address: 200 Ross Street
City: Pittsburg
State: Pennsylvania
Website:
http://www.ura.org/pdfs/bdcPBGFSummary.pdf
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