A micro loan program designed to help woman- and minority- owned small businesses in Pittsburgh may become a permanent offering for local entrepreneurs.
The Urban Redevelopment Authority of Pittsburgh board is expected to vote Thursday to make the Micro-Enterprise Loan Program permanent.
The loan program was started in 2018 by the URA and offers loans of up to $20,000 to businesses. It was started to promote opportunities for those groups who historically have not had access to early stage business startup and expansion capital.
The loans help cover costs of machinery and equipment, working capital and site improvements.
Over the past year the URA has issued 23 loans to businesses including restaurants, coffee shops and salons, among others.
The program is administered by the URA’s Center for Innovation and Entrepreneurship and other URA staff with the assistance of third party advisory committees to provide financial underwriting guidance and technical assistance to borrowers.
