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Pittsburgh Financing Alternatives

Government and Agency Funding Sources

Loans For

Fund Or Agency

% Of Loan Participation

Land/ Building

Equip.

Working Capital

Features
(See Legend)

Largest Loan

Interest Rate Charged
(as of 6/8/99)

Comments
Allegheny County Economic Development Fund

Up to 30%

A/C/E

$5,000,000

Negotiable

Focuses on development of industry and encouragement of manufacturing and high technology enterprises located in Allegheny County only.
Allegheny County Development Action Assistance Program

25%

A/C/E

$500,000

75% of Prime, Fixed
(non-distressed areas)
50% of Prime, Fixed
(distressed areas)

Must be located or relocated in Allegheny County excluding Pittsburgh, McKeesport and Penn Hills. 51 % of jobs created must be low to moderate income.
Allegheny County Small Business/Distressed Communities Revolving Loan Fund

40%

A/C/E

$100,000 ($50,000 for working capital)

75% of Prime, Fixed
(non-distressed areas)
50% of Prime, Fixed
(distressed areas)

Must be located or relocated in Allegheny County excluding Pittsburgh, McKeesport and Penn Hills. 51% of jobs created must be low to moderate income.
Appalachian Regional Commission Revolving Loan Fund

Depends on market of business

A/C/D/E

depends on availability of funds

4%, or 4% below U.S. Treasuries whichever is higher

Borrower must provide 10% of total project cost; must save or create jobs.
Community Loan Fund of Southwestern PA, Inc.

Various

A/D

$250,000

Market Rate

Priority given to businesses owned by women, minorities, unemployed and under-employed.  Programs benefit low income communities.
Economic Development Administration (EDA) Revolving Loan Fund

Depends on market of business

A/C/D/E

Depends on availability of funds

4%, or 4% below Prime, whichever is higher

Not available to for-profit entities. Borrower must provide 10% of total project cost.
Machinery & Equipment Loan Fund (MELF)

50%

C/D/E

$500,000

From 3.75% - 6.75%, Fixed (based on unemployment rate)

Machinery and equipment acquisition and upgrading and related engineering and installation costs.   Must be directly related to the manufacturing process.
Manufacturing Technology Loan Fund

50%

D/E

Lesser of $100,000 or 50% of total equipment cost

Below Market

Manufacturers only; equipment & enhancement technology. Must be located in Allegheny County.
Mon Valley Manufacturing Fund

50%

A/D/E

$150,000

Prime-2%, with a
minimum of 5%

Must be located or be relocated within the Monongahela Valley area of Allegheny County and excluding the City of Pittsburgh.
PA Economic Dev. Financing Authority (PEDFA) Tax Exempt Program

100%

B/C/E

None(Other than a $10 million limit to manufacturers)

Approximately 75%-80% of Prime(variable)
or 90%-95% of Prime(fixed)

Manufacturing, non-profit, sewege, and waste disposal projects only. Weekly variable interest rate tied to market for tax-exempt bonds; fixed or floating rates.  Need bank letter of credit.
PA Economic Dev. Financing Authority (PEDFA) Taxable Program

100%

B/C/E

None(Other than a $10 million limit to manufacturers)

Approximately 90%-100% of Prime

Weekly variable interest rate tied to market for taxable bonds; fixed or floating rates.  Need bank letter of credit. $400,000 minimum.
PA Industrial Development Authority (PIDA)

40%

C/D/E

$1,250,000(or up to $1,750,000 within an Enterprise or Keystone Opprtunity zone)

3.75% to 6.75% Fixed depending upon project location

Can be used for acquisition, renovation, expansion or new construction of building, plus land. Combined with bank loan.
PA Minority Business Development Authority (PMBDA)

75%

C/D/E

$500,000 or $750,000(within Enterprise Zone)

50% of Prime (not less than 4%)

For businesses owned (at least 51%) and operated by minorities. 25% private sector match required.
Pennsylvania Capital Access Program (PennCap)

N/A

A

$500,000

Determined by bank

Provides loan guarantees to small businesses based on a portfolio concept. Can be used for start-up businesses.
Pittsburgh Business Growth Fund (PBGF)

40% (60% for new businesses)

A/C/D/E

$150,000

50%-80% of Prime, Fixed (not less than 3%)

Must be located or relocate within the City of Pittsburgh. Borrower must provide 10% of total project cost.
RIDC Fund for Economic Growth

25%

D

$150,000

Prime + 2%(Floating)

Must be located within a 10 county SWPA region. Longer Terms (5-15 years).
Small Business Admin. (SBA) (504 Program)

40%

C/D/E

$1,000,000(or up to $1,300,000 if an SBA public policy goal is satisfied)

Based on current market rate for 5- and 10-year Treasury issues, plus increment above Treasury rate

For-profit businesses that do not exceed $6 million in Tangible Net Worth and did not have an Average Net Income greater than $2 million for the past two years.
Small Business First Export Financing Loan Program (EFP)

50% of eligible export-related inventory or accounts receivable

$350,000

Prime + 1.0%

For small businesses (250 employees or less) that export goods or services internationally.
Small Business First Loan Fund

50%

A/C/D/E

$200,000

5% Fixed

Less than 100 employees in PA & 200 worldwide.
Strategic Investment Fund (SIF)

10%

   

A/C/D

$4,000,000

Based on project's creditworthiness

Provides secondary or gap financing for real estate projects located in downtown Pittsburgh and the nine-county Southwestern Pennsylvania region.
Urban Development Fund (UDF)

50%

A/C/D/E

$250,000

50%-80% of Prime, Fixed (not less than 3%)

Must be located or relocate within the City of Pittsburgh. Borrower must provide 10% of total project cost.
Urban Redevelopment Authority Industrial Development Taxable & Non-Taxable Bonds (IDB)

Determined by Bank

A/B/C/E

$10,000,000

Based on prevailing market bond rates; variable or fixed

Non-taxable bond proceeds limited to manufacturing companies; must be located or be relocated within the City of Pittsburgh.
Urban Redevelopment Authority Industrial Development Taxable & Non-Taxable Notes (IDN)

Determined by Bank

A/B/C/E

$10,000,000

Determined by bank

Qualified manufacturers and recyclers with projects located in the City of Pittsburgh.
U.S. Dept of Agriculture (USDA)
Business & Industrial Loan Guarantees

N/A

A/C

$25,000,000

Determined by bank; fixed or variable

USDA guarantees 60-80% of bank loan. Borrower must provide an equity minimum of 10%.
Legend:
(A) Will consider less creditworthy applicants
(B) Need bank letter of credit
(C) Requires new job creation or job retainage in special circumstances
(D) Will subordinate to bank loan
(E) Lower than conventional rates

* Information compiled from various public sources; current as of September, 2001. To the best of our knowledge, this information is correct as of that date.

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