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Program Terms and Conditions

• Loan Amount: up to $100,000
  
  
• Interest rate: 0% for first year, 2% for balance of loan term
  
  
• Loan payment deferral period: 1 year
  
  
• Loan Terms: 7 years
  
  
• Fees: none
  
  
• 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, real estate development, leasehold improvements, and other approved fixed costs related to business recovery or growth.
  
  

Eligibility requirements

Applicants must:

• 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:
  
  
  • African Americans
  • Black Americans
  • Asian Pacific Americans
  • Hispanic Americans
  • Subcontinent Asian-Americans
  • Native Americans.
    
    
• Have been in business since September 1, 2019
  
  
• 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.
      
      
• Other conditions:
  • 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.

 

FULL PROGRAM GUIDELINES

Download Program Summary

VIDEO: September 9th Webinar