Urban Redevelopment Authority of Pittsburgh
Business Development
Business Financing Programs
| Pittsburgh Business Growth Fund | |
|---|---|
| Program Features | Gap financing for small businesses which create and retain jobs in the City of Pittsburgh. |
| Uses | Working Capital (W/C)
Equipment (E) Leasehold Improvements (LI) |
| Amount | $10,000 to $150,000 (up to 40% of the total eligible project costs) |
| Term | Up to 5 years (W/C)
Up to 7 years (E) Up to 15 years (LI) |
| Rate | Market (below-market interest rate is available in targeted areas designated by the Authority's Board of Directors) |
| Fees | $250 application fee
2% due diligence fee .5% annual loan servicing fee Legal fees Construction inspection fees may apply |
| General Conditions* | One job created and/or retained per $30,000. Compliance with the following City ordinances may apply: M/WBE, Living Wage, and Pittsburgh Works |
*Other requirements may also apply. Please refer to specific program guidelines. |
|
| Urban Development Fund | |
|---|---|
| Program Features | Gap financing for non-owner occupied real estate developments in the City of Pittsburgh. |
| Uses | Land, buildings and related costs
Construction/rehabilitation and related costs |
| Amount | $25,000 to $250,000 (up to 40% of the total eligible project costs) |
| Term | Up to 20 years |
| Rate | Market (below-market interest rate is available in targeted areas designated by the Authority's Board of Directors) |
| Fees | $250 application fee
2% due diligence fee .5% annual loan servicing fee Legal fees Construction inspection fees may apply |
| General Conditions* | One job created and/or retained per $30,000. Compliance with the following City ordinances may apply: M/WBE, Living Wage, and Pittsburgh Works. |
| Pennsylvania Industrial Development Authority (PIDA) | |
| Program Features | Low interest financing for real estate owned by or leased to PIDA-eligible businesses which include: manufacturing, industrial, research and development, regional or national headquarters, and others. |
| Uses | Land, buildings and related costs
Construction/rehabilitation and related costs |
| Amount | Up to $1,750,000 (up to 40% of the total eligible project costs) |
| Term | Up to 15 years |
| Rate | 3.0% or 4.25% |
| Fees | $300 application fee
2% commitment fee Closing and legal fees |
| General Conditions* | One job created per $25,000. |
| SBA 504 | |
| Program Features | Long-term, fixed interest rate financing for owner-occupied projects in the City of Pittsburgh and Allegheny County. |
| Uses | Equipment
Land, buildings and related costs Construction/rehabilitation and related costs |
| Amount | $50,000 to $1,300,000(up to 40% of the total eligible project costs) |
| Term | 10 years (Equipment)
20 years (Real Estate) |
| Rate | Fixed rate determined when bonds are sold |
| Fees | 1.5% application fee
Annual loan servicing fees (included in interest rate) Legal fees Construction inspection fees may apply |
| General Conditions* | One job created and/or retained per $35,000. |
*Other requirements may also apply. Please refer to specific program guidelines. |
|
| Industrial Development Taxable and Tax-Exempt Bond/Notes and PEDFA | |
|---|---|
| Program Features | Taxable and Tax-Exempt bond financing for eligible businesses. |
| Uses | Equipment
Land, buildings and related costs Construction/rehabilitation and related costs |
| Amount | $100,000 to $10,000,000(up to 100% of the total eligible project costs) |
| Term | Based on useful life of asset financed. |
| Rate | Fixed rate determined when bonds are sold. |
| Fees | Up to 1% fee of bond/note
Additional fees determined by lending institutions Legal fees Construction inspection fees may apply |
| General Conditions* | Compliance with the following City ordinances may apply: M/WBE, Living Wage, and Pittsburgh Works |
*Other requirements may also apply. Please refer to specific program guidelines. |
|
| Streetface Program | |
|---|---|
| Program Features | Matching funds for façade improvements in designated neighborhood business districts. |
| Uses |
Restoration or construction of building façades Related architectural costs |
| Amount | Up to 4% of the total eligible project costs (specially designated neighborhoods may be eligible for up to 8% of the total project costs) |
| Term | 5 years (downtown terms differ) |
| Rate | N/A |
| Fees | $100 application fee per storefront |
| General Conditions* | |
*Other requirements may also apply. Please refer to specific program guidelines. |
|
INELIGIBLE BUSINESSES: Bars, adult entertainment, non-profits, banks, savings & loan associations, and non-independently owned gas stations are generally not eligible for Urban Redevelopment Authority financing programs.
URA LOAN PROCESS FLOW - loan review and process steps when obtaining a loan through the URA.
The Business Development Center (BDC) also has access to other City, State, Local, State or Federal programs. Please contact the BDC at bdc@ura.org or 412-255-6669 to discuss your specific project needs.