Grants & Loans
Minority Business Recovery & Growth Loan Fund
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
Pre-payment penalties: none
Collateral/security: personal guarantees not required, 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.
FORGIVABLE LOANS FOR PENNSYLVANIA SMALL BUSINESSES
The COVID-19 crisis has put millions of small business jobs at risk. We’re here to help.
The nonprofit Pennsylvania 30 Day Fund provides forgivable loans up to $3,000 to small businesses in need.
Pennsylvania businesses that qualify for assistance from the Fund are:
- For-profit small businesses that employ three to 30 people;
- Based in Pennsylvania and have been operating for at least one year;
- Owned and operated by a Pennsylvania resident.
The funds dispersed to small businesses by the Pennsylvania 30 Day fund do not need to be repaid. If businesses who receive the Fund’s assistance do, at a later date, wish to “pay it forward” to another Pennsylvania small business in need of assistance, they may do so by directing those dollars back to the Fund, which will disburse the funding to another Pennsylvania business in need.
COVID-19 Small Business Fund
URA created the COVID-19 Small Business Fund. The fund will assist in mitigating the COVID-19 economic impact, and help small businesses stabilize in the face of these uncertain economic times.
Loan Amount: Up to $75,000
Interest Rate: 0% for first year, 2% for balance of loan term
Deferral Period: 1 year
Length of Loan: 7 years
Micro-Enterprise Loan Program
Financing for startup and small businesses that need capital to launch or grow a business. This program provides loans of up to $30,000 for working capital, equipment, inventory, and leasehold improvements.
Credit Builder Loan
Loan amount $1,000 +
Interest rate: Prime + 2%
Term: 0-18 months
Term loan or line of credit
Meet the character requirements of Axiom Advancement Corporation general underwriting
Abide by all other terms and conditions of Axiom Advancement Corporation lending and small business expectations and requirements
Prequalification- Referral from RCI's BizFit Program and/or Kiva Pittsburgh
Kiva's loans are crowdfunded by lenders around the world looking to invest in small businesses like yours.
Submit an online application. This application collects personal and business information as well as the images and narrative that will make up your public loan profile.
After you application has been approved, it will be posted publicly on the Kiva site.
For more information on rates and payment plans contact the Pittsburgh Hispanic Development Corporation.
Currently accepting Applications
This grant provides Pennsylvania small businesses the opportunity to acquire energy efficient or pollution prevention technologies with a 50% reimbursement matching grant for equipment or materials.
Your business must:
Have less than 100 full-time employees.
Be a for-profit entity
Be located in Pennsylvania
Be registered with the Pennsylvania Department of State.
Eligible projects must save the applicant a minimum of $500 annually and reduce their costs by a minimum of 25%.
Economic Injury Disaster Loans
The EIDL (Economic Injury Disaster Loan) program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.