PITTSBURGH, PA (June 17, 2021) Funding from the PNC Foundation will be used for a pilot loan program designed to sustain and stimulate the growth of childcare businesses in the City of Pittsburgh.
PNC Foundation gave $6.5 million to the Urban Redevelopment Authority of Pittsburgh (URA) last year to support business growth in the City, with a portion earmarked specifically for childcare businesses. The URA board will vote today to use $800,000 of that funding to create a Pittsburgh Childcare Reinvestment Business Fund – called CRiB – providing $25,000 in forgivable loans for childcare businesses.
“We are pleased to support the URA and their work to establish the Pittsburgh Childcare Reinvestment Business Fund,” said Sally McCrady, chair and president of the PNC Foundation. “The pandemic has left the childcare industry and early learning at a critical crossroads. Research shows pre-K children benefit from the socialization and hands-on activities central to early learning curriculums found in many childcare programs. The fund is a welcome step in addressing this issue and is sure to have a widespread impact on the wellbeing of our community.”
Launching June 23, 2021, the loan program will be paired with additional technical assistance opportunities for childcare businesses through partnerships with Chatham University’s Center for Women’s Entrepreneurship and Trying Together.
The pilot program will be part of Invest PGH, a new nonprofit and Community Development Financial Institution (CDFI) organization that aids small business and affordable housing initiatives throughout the City of Pittsburgh.