Areas Served: City of Pittsburg
Goal of Fund Assist entrepreneurs and stimulate business growth in the City of Pittsburgh.
This may include emerging technology based firms such as Information Technology, Life Sciences and Green/Energy and other innovation enterprises.
The fund provides loans for working capital and related start up costs to early stage firms with high growth potential.
Use of Funds:
¢ Working capital, laboratory, computer and scientific equipment, leasehold improvements and real estate.
Proof of concept and product prototype required.
Eligible Businesses:
¢ Start up and growing businesses including emerging technology based firms such as Information Technology, Life Sciences and Green/Energy and other start up enterprises.
Amount of Investment:
¢ $200,000 or up to 60% of total project coSt. May include convertible debt.
Private share of project may include Venture Capital, Stock Purchases, Investor Equity, Intellectual Property and/or public or private debt.
Maturity:
¢ 3-25 years to match life of asset(s) being financed Interest Rate:
¢ Varies Fees:
¢ Application fee of $250; 2% due diligence fee; .
5% Annual loan service.
General Conditions:
¢ Business must be located in the City of Pittsburgh
¢ One job created and/or retained for every $30,000 borrowed
¢ 51% of jobs created made available to low & moderate income persons.
¢ Loan secured by convertible note
¢ Federal prevailing wage laws may apply to leasehold improvements
¢ Projects greater than $250,000 develop a Minority- and Woman-owned Business Enterprise Plan
¢ Refinancing of existing debt is ineligible.
Contact InformationUrban Redevelopment Authority of Pittsburg
Address: 200 Ross Street
City: Pittsburg
State: Pennsylvania
Website:
http://www.ura.org/pdfs/bdcPEFSummary.pdf
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