Pennsylvania Minority Business Development Authority

Low-interest loan financing to businesses owned and operated by ethnic minorities.

Uses:

Land and building acquisition; Building, construction and renovation; Machinery and equipment acquisition and installation; Working capital

Funding:

Manufacturing, industries, high-tech, international trade or franchise companies: Loans up to $500,000 (within Enterprise Zone, $750,000) or 75% of total eligible project costs, whichever is lessRetail or commercial firms: Loans up to $250,000 (within Enterprise Zone, $350,000) or 75% of total eligible project costs, whichever is less

Eligibility:

Businesses owned and operated by ethnic minorities

Terms:

50% of prime interest rate, but no less than 4%; Up to 10-year term for land and buildings; Up to 7-year term for machinery and equipment; Up to 3-year term for working capital; 25% private-sector match required; May subordinate lien position; Disbursement at closing; $15,000 cost per job created

Where to Apply:

Customer Service Center, Electronic Single Application for Assistance, PMBDA 2008 Guidelines

Purpose of Funding:

• Entrepreneurial Assistance
• Land & Building
• Machinery & Equipment - Business
• Working Capital