Minority Business Growth Loan Fund

Minority Business Growth Loan Fund is sponsored by Urban Redevelopment Authority of Pittsburgh (URA). This loan fund provides access to capital for existing and growing minority-owned businesses within the City of Pittsburgh.

Minority Business Growth Loan Fund Minority Business Growth Loan Fund The Minority Business Growth Loan Fund provides access to capital for existing and growing minority-owned businesses inside the City of Pittsburgh. Program Terms and Conditions Loan amount: Up to $100,000 Interest rate: The fixed rate is subject to underwriting but is below market rate.

Loan payment deferral period: Interest-only payments for 6 months, then principal and interest beginning in month 7 Fees: $350 Application fee and 3% due diligence fee Pre-payment penalties: None Collateral/security: Personal guarantees or business and corporate guarantees as appropriate, other security as deemed appropriate by the URA Use of funds: Hiring and payroll, inventory, sales/marketing, e-commerce, rent, utilities, insurance, and other approved fixed costs related to business recovery or growth Be at least 51% minority-owned.

The Small Business Administration (SBA) defines a minority-owned business as one in which the majority (at least 51%) of the company is owned and run on a daily basis by a member (or collection of members) of one of the following ethnic groups: Subcontinent Asian-Americans Have been in business for at least one year Have fewer than 50 Full-Time Equivalent (FTE) employees Demonstrate pre-COVID crisis business viability Be in good standing with other public debt (including URA) and current on taxes (individual and business) or have approved payment plans Have appropriate business registrations with the City of Pittsburgh Provide statement of need and a recovery or growth narrative addressing health & safety compliance measures with which the business will be tasked.

Statement of need will include: How the business has faired in the COVID-19 environment; and next steps for business recovery or growth, including other funds secured. URA’s Emergency Loan Fund (ELF) borrowers and other existing URA small business borrowers can apply. Priority will be given to supporting neighborhood business district serving businesses; including independently owned, locally owned, small businesses.

Priority will be given to businesses located in Community Development Block Grant (CDBG)-eligible census tracts and whose owners are economically disadvantaged. Businesses funded with CDBG monies must meet all CDBG eligibility requirements.

Read our Borrowers' Stories Floriated Interpretation: A Community Business in Full Bloom Q&A with Dr. Dominique Thornhill of Each One Teach One Childcare and Learning Center Smokey City's 412 BBQ Takes on a Summer of New Possibilities Black Forge Coffee Van Travels the Country for Support Our Stages Tour This program is made possible by: