The Mon Valley Alliance, has been awarded $750,000 in American Rescue Plan Funding, through the State Small Business Credit Initiative (SSBCI) to spur success and job creation opportunities in the Mid Mon Valley through non-traditional small business lending. MVA will be offering loans up to $50,000 to Very Small Businesses (VSB) and Socially and Economically Disadvantaged Individuals - owned businesses (SEDI-owned businesses) for development and expansion projects focused on creating and retaining jobs within the 14 Mid Mon Valley Regional Enterprise Zone communities.
The revolving loan funds must be matched, every $1 of public investment by the program must “cause and result in” $1 of new private credit, thus creating lending and investments to small businesses that need additional support and resources to expand and create jobs
The interest rate on all loans will be a minimum of 4% or
1.5% below the Prime Interest Rate, whichever is higher.
Very Small Businesses (VSB)
A VSB means a business with fewer than 10 employees at the time of the loan, investment, or other credit/equity support and includes independent contractors and sole proprietors. A business that has 10 or more employees following an SSBCI transaction will not be considered a VSB for purposes of subsequent loans or investments.
Socially & Economically Disadvantaged Individuals- Owned Businesses
Business enterprises that certify that they are owned and controlled by individuals who have had their access to credit on reasonable terms diminished as compared to others in comparable economic circumstances, due to their:
membership of a group that has been subjected to racial or ethnic prejudice or cultural bias within American society
limited English proficiency
long-term residence in an environment isolated from the mainstream of American society
membership of a federally or state-recognized Indian tribe
long-term residence in a rural community
residence in a U.S. territory
residence in a community undergoing economic transitions (including communities impacted by the shift towards a net-zero economy or deindustrialization)
membership of another “underserved community” as defined in Executive Order 13985
North Belle Vernon
Purchasing Machinery, Equipment, and other Fixed Assets
New Construction, Alteration, Modification
Repair or Renovations of Existing Facilities