Areas Served: Allegheny County
PURPOSE – To promote the establishment and expansion of new and existing small businesses, by providing low interest financing for land development, building improvements, machinery and equipment acquisition, infrastructure development, and working capital for businesses in Allegheny, Pennsylvania.
LOAN LIMITS – Up to 40% of eligible project costs up to $150,000, but may increase to $250,000 if located in Targeted Geographical Areas and/or Allegheny Growth Cluster industry – A maximum amount of $100,000 for working capital available PRIVATE FINANCING – Cash equity, private sector financing, and/or other public financing, of at least sixty percent (60%) of the total eligible project costs is required – Minimum 10% non-borrowed cash equity ELIGIBLE BUSINESSES - Legal business entity located within, or seeking relocation to, Allegheny County with less than one hundred (100) full time employees at time of application - Retail businesses located in Targeted Geographical Areas PREFERENCES – Lower interest rates and preference for eligible businesses located in, or seeking relocation to, a Targeted Geographical Area - Projects identified as an Allegheny Growth Cluster industry JOB CREATION REQUIREMENT – One (1) job created for every $35,000 loaned.
Retail and retail services businesses are required to create one (1) job for every $35,000 loaned LOW/MOD INCOME REQUIREMENT - At least 51% of jobs created must be filled by low/moderate income individuals
Contact InformationAllegheny County Economic Development
Address: 425 Sixth Avenue
City: Pittsburg
State: Pennsylvania
Website:
http://economic.alleghenycounty.us/economic_dev/financing.aspx
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