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PITTSBURGH, PA (September 9, 2019) More than 250 small businesses across Pittsburgh have been assisted with $35+ million in support from the Urban Redevelopment Authority of Pittsburgh the past five years, leading to almost $110 million in small business investment citywide.
A study of investments by the URA’s Center for Innovation and Entrepreneurship shows that from January 1, 2015 through August 5, 2019 261 small business projects received $35.5 million in investments, leading to $109 million in total project costs. The investments created 786 jobs and retained another 590 jobs, and 30% of the grants were issued to minority and women-owned business enterprises.
“Small businesses are the bedrock of Pittsburgh’s neighborhoods and these investments are critical to their growth. I want to thank the URA for this ongoing work, and welcome other businesses to apply,” Mayor William Peduto said.
The URA’s Center for Innovation and Entrepreneurship offers a variety of gap financing products to help businesses close the financing for their business growth and expansion. The projects supported by CIE were made across the city to businesses in all nine City Council districts.
“We’re proud to have supported so many entrepreneurs, small businesses and micro-enterprises, including a host of amazing minority and women-owned businesses,” said URA Deputy Director Diamonte Walker. “In addition, these programs do more than provide capital to these entrepreneurs and businesses; they help to build wealth in the communities they serve.”