Pennsylvania Minority Business Development Authority (PMBDA)
Requirements
Download the guidelines for a complete understanding of the program and the requirements.
Overview
Low-interest loan financing to businesses owned and operated by ethnic minorities.
Guidelines
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
How to Apply
Customer Service Center, Electronic Single Application for Assistance
