Minority, Women, and Veteran Small Business Loan

Advances the opportunities for eligible businesses to obtain accounts receivable financing for public sector contracts for work being performed in Allegheny County. Applicants must self-perform at least 60% of work specified under the contract. Total loan amount not to exceed 80% of the total project cost. 

• Minimum/Maximum Loan Amount: $10,000 – $100,000 
• Maximum Loan Term: One year or the length of the public contract 
• Interest Rate: WSJ Prime Rate 
• Use: Working Capital 

Provides relief from high interest debt obligations, improve Borrower credit score, and business cash flow. To be eligible, businesses must provide documentation that refinance debt is for business-related expenses, interest being charged is significantly impacting cash flow, and work with the Lender to re-assign freed cash into business improvements or to pay off other debt service. 

• Minimum/Maximum Loan Amount: No minimum - $15,000 
• Maximum Loan Term: Not to exceed 5 years 
• Interest Rate: WSJ Prime Rate 
• Use: Debt Refinancing

Traditional loans for business start-ups or expansion. Businesses must commit to create one new Full-Time Equivalent (FTE) job for every $35,000 borrowed. 

• Minimum/Maximum Loan Amount: No minimum - $50,000 
• Maximum Loan Term: Not to exceed 10 years 
• Interest Rate: WSJ Prime Rate 
• Use: Construction build out, furniture, fixtures, equipment, vehicles, and working capital

There is no penalty for early repayment.

Because this program aims to provide access to capital to veterans and those who have traditionally been discriminated against and disadvantaged when seeking financial services and financial products, at least 51% of the business must be owned, operated, and controlled by someone who is a racial/ethnic minority, a woman, or a veteran, as further defined below:

Minority Owned

At least 51% owned, operated, and controlled by one or more persons who is Black, Hispanic, Native American, Asian-Pacific, Subcontinent Asian, or another minority group found to be disadvantaged as defined by the SBA.

Woman Owned

At least 51% owned, operated, and controlled by one or more persons who is a woman. 

Veteran Owned

At least 51% owned, operated, and controlled by one or more persons who has served in one of America’s eight federal uniformed services or their reserve components. The eight federal uniformed services are: 

• United States Army - includes Guard and Reserve 
• United State Marine Corps - includes Reserve 
• United States Navy - includes Reserve 
• United States Air Force- includes Reserve 
• United States Space Force- includes Reserve 
• United States Coast Guard - includes Reserve
• United States Public Health Service Commissioned Corps 
• National Oceanic and Atmospheric Administration Commissioned Officer Corps (formerly Survey Corps) 

In addition to being owned, operated, and controlled by a minority, woman, or veteran, businesses must demonstrate economic disadvantage. Business owners must not have a personal net worth that exceeds $1.32 million. A business’s annual gross income cannot exceed $26.29 million. 

Businesses must be located and operate in Allegheny County. Businesses located within the City of Pittsburgh are not eligible.

Businesses seeking short term lending must be veteran owned or a disadvantaged business enterprise (DBE) certified by the Pennsylvania Unified Certification Program (PA UCP). Businesses obtaining funding for other uses may be self-certified through a Lender-driven self-certification process.

The following businesses are ineligible for this program: businesses located in the City of Pittsburgh or outside Allegheny County; businesses with a conflict(s) of interest; businesses engaged in illegal activities, loan packaging, speculation, multi-sales distribution, gambling, investment, or lending.