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.

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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 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.