Pennsylvania Minority Business Development Authority (PMBDA)
Overview
PMBDA program provides low-interest loan to businesses owned and operated by ethnic minorities.
Uses
Land and building acquisitions; Building construction and renovations; Machinery and equipment costs including acquisition and installation; Working capital Costs.
Eligibility
Any businesses owned and operated by ethnic minorities, except non-franchised restaurants.
Funding
PMBDA can finance up to 90% of the eligible total project costs, or $250,000, whichever is less. Funds from other sources must equal at least 10% of PMBDA eligible project costs.
Terms
Interest rate for PMBDA loan will be fixed at 2% at the time the loan is approved and will remain fixed for the duration of the repayment term. Interest rates are subject to change from time to time; Up to 15-year term for land and buildings; Up to 10-year term for machinery and equipment; Up to 3-year term for working capital; May subordinate lien position; $50,000 cost per job for new job created, and $35,000 cost per job for job retained.
How to Apply
Customer Service Center, Electronic Single Application for Assistance