PITTSBURGH, PA (December 19, 2019) The board of the Urban Redevelopment Authority of Pittsburgh is set today to vote on funding to help small businesses build credit history and financial stability.
The board will vote on a $100,000 grant to the Riverside Center for Innovation in partnership with Axiom Advancement Corporation. Axiom is launching its Credit Builder program with Kiva Pittsburgh, an online crowd funding platform, and RCI, a business incubation center, to advance the program.
The Credit Builder program will match Kiva Pittsburgh’s 0% interest small business loans up to $5,000, providing up to $10,000 capital for many emerging businesses to start building credit and creating financial stability for their respective businesses. Along with the capital, the businesses will receive pre-loan technical assistance. The program aims to position borrowers for additional growth capital, including the URA’s micro enterprise loan program.
“Riverside Center for Innovation is grateful for the URA's continued commitment in working entrepreneurial support organizations, so that agencies like RCI and Axiom can provide the necessary tools and services needed to assist and grow small microbusinesses having a very hard time finding pre-seed funds to jump start their business – especially in some of the most vulnerable neighborhoods that have not seen economic opportunities,” said RCI Executive Director Juan Garrett.