The Allegheny County Minority Enterprise Fund provides subordinated, often-unsecured loans to small businesses for machinery, real estate, working capital and leveraged transactions.
Eligible businesses include retail, consumer goods and services, business services, professional services, manufacturing and industrial and other general commercial businesses that are consistent with the eligibility criteria of the Allegheny County Department of Economic Development and the Business Development Center of the Urban Redevelopment Authority. The maximum loan request is $100,000.
The second comes through the Small Business Administration’s 504 program. These loans can be used for the purchase of land, machinery, buildings, construction and related costs. The ceiling on the request amount is $250,000, and one job must be created and/or retained for each $35,000 borrowed. Interest rates are tied to the current market rate for five- and 10-year U.S. Treasury issues.
Both programs are under the administration of the African American Chamber of Commerce. Call (412) 392-0610 for more information.
Ray Marano
