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minority business recovery & growth loan fund

The Minority Business Recovery & Growth Loan Fund provides access to capital for existing minority-owned businesses inside the City of Pittsburgh that are recovering from COVID-19 or growing.

Program Terms and Conditions

  • Loan Amount: up to $100,000

  • Interest rate: 0% for first 3 months, 2% for balance of loan term

  • Loan payment deferral period: 3 months, then interest-only payments for 6 months

  • Loan Terms: 10 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, 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 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.

 

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.

This program is made possible by:

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