Loan Program FAQs
Q: What are the sources of funds for the BDC loan programs?
A: It depends on the program. Typically the programs are Revolving Loan Fund (RLF) programs that were initially seeded by Federal Community Development Block Grant (CDBG) dollars or Pennsylvania Department of Community and Economic Development (DCED) dollars. By utilizing RLFs, the BDC can re-lend its limited dollars several times to many different borrowers.
Q: Why doesn’t the BDC have grant programs?
A: The BDC has extremely limited dollars for unlimited business and community needs. In order to sustain the BDC programs, the BDC must utilize loan programs that will get re-paid so that the dollars can re-lent to other borrowers. There are other sources of venture capital and small grants that can be found in the resource section.
Q: How do I start the application process?
A: Contact a BDC loan officer at bdc@ura.org or 412-255-6669.
Q: How long is the application, underwriting, and closing process?
A: Depends on the project. However, the BDC is committed to working as quickly as the borrower and private lender are able to package, underwrite and close the financing. Typically, the process will take 30-90 days.
Q: What is the BDC’s capacity to carry out these programs?
A: The BDC staff includes professional loan officers (same professional credentials as private lenders), engineers, legal staff, finance professionals, and professional management staff. The BDC staff is uniquely capable of carrying out the BDC programs professionally and responsibly.
Contact the BDC today at bdc@ura.org or 412-255-6669.