Landmarks Community Capital Corporation (LCCC), a nonprofit subsidiary of PHLF, announced in February the start of The Metropolitan Loan Fund of Pittsburgh (MLFP). The program was created in collaboration with Allegheny County, the Urban Redevelopment Authority of Pittsburgh, Neighborhood Business Inc., Bridgeway Capital, with the support of The Heinz Endowments to help bring much needed capital investment into our smaller business districts.  The MLFP has $1.75 million in funds committed to spur small and minority business opportunities in the Pittsburgh region, and is particularly well suited to traditional main street businesses.  Funds are available for an array of uses, including building acquisition and improvements, equipment purchases and operating.

This program demonstrates County Executive Dan Onorato's commitment to small business in Allegheny County and in partnership with State Senator Wayne Fontana, who helped make these funds available to the County, is anxious to get the program started.  "The (fund) will benefit our region on two levels - by increasing the number of minority-owned businesses and by encouraging additional economic development," said Onorato.

"This public/private partnership," said Dr. Howard Slaughter, Jr., CEO of LCCC, "is designed to provide flexible financing and technical assistance to new and existing businesses, with special emphasis on minority and women-owned businesses in the region."   A key component of the program is for participants to utilize technical assistance from the beginning of the process throughout the entire life of the loan, "in order to help these firms navigate the vicissitudes of entrepreneurship," Howard added.

Eligible applicants include new or existing businesses located in or serving the Pittsburgh metropolitan statistical area.

For details contact:

Annabelle Javier Wilburn
annabelle@landmarksccc.com
412-471-2110