Business Finance (Loans)

[ About The Program ] [ Recent Activities ]
[ Testimonials ] [ Success Stories ]

About The Program

SPC’s Business Finance Assistance Programs help entrepreneurs create business opportunities by acting as a public partner with local private sector lenders. SPC works with industrial development corporations and community-based development departments to create comprehensive loan packages that encourage economic investment in Southwestern Pennsylvania. Small businesses come to SPC to obtain low-interest loans for working capital, machinery and equipment, or real estate to increase business and employment opportunities.

SPC carefully reviews every business applying for assistance, analyzing numerous business plans each year.  Where we spot problems, our Business Finance Renewal and Turnaround Assistance Program can recommend solutions.  This program offers companies affordable access to experts who can help them with strategic planning, reorganizations, debt restructuring and crisis management.

SPC has a work/fee sharing arrangement with many of our county partners. Our partners meet with the prospective client, discuss the loan programs, and assist the client in submitting applications and working with us to complete the application process.  This process keeps the overall program close to the member communities.

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Recent Activities

Currently, SPC’s loan portfolio contains 146 loans totaling a principal balance of $14.1 million, and drawing on funds from 9 different state and federal business finance programs. In 2008, SPC used these funds to leverage approximately $6.12 million in new projects for the region, matching investments with state and federal low-interest loans.  SPC closed nine loans, totaling $1.3 million in 2008.   The program also helped SPC members create 400 new jobs in the region during the year.

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Testimonials

“I have partnered with the Commission on multiple occasions throughout the past ten years in order to offer Small Business owners the financing required for them to meet their financial goals. Each occasion has been a very rewarding experience for my customer and me. I have consistently been impressed with the professionalism, the knowledge level of various financing programs, and services the representatives maintain. In short, the Southwestern Pennsylvania Commission is a valuable asset to our Small Business Community and one that proactively partners with financial institutions. “

--David P. West, Vice President, Small Business Banking
National City Bank

“Over the past several years, AgChoice Farm Credit has worked with the Business Finance Administration Staff to provide necessary funding for projects that stimulate growth and expansion, retain jobs and promote small agricultural businesses and farms in Pennsylvania. I have come to understand the various loan programs they administer and how my working in partnership we can create opportunities for businesses that may not typically be able to secure loan financing under the terms and conditions needed to insure success.”

--Douglas Huston, Branch Manager
AgChoice Farm Credit

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Success Stories

The following are just four examples of the Business Finance Program assisting local businesses. Click on a business name to read the success story:

• Import-Export Tire Company
• Mt. Washington Foodland
• Pierogies Plus, Inc.
• W.A. Hoy Construction, Inc.

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For more information about SPC's Small Business Finance Program, contact Richard Wallace at (412) 391-5590 x322 or BusinessFinance@spcregion.org.

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