Today, at the opening of its monthly Board Meeting, the Uniontown Downtown Business District Authority (UDBDA), Board Chair, Denice Ferranti- Robinson announced the launch of the UDBDA's Revolving Loan Fund Program for new or expanding businesses within the Central Business District.
“The Uniontown Downtown Business District Authority is very excited to have an opportunity for the established businesses in Uniontown's Central Business District to improve and expand their capabilities. In addition, it is the UDBDA Board's hope that these low interest loans will encourage new businesses to locate here as well," commented Denice Ferranti-Robinson, UDBDA Board Chair. Ferranti-Robinson went on to say that the program, while similar to a loan program run by the UDBDA several years age, now includes more partners including: Fay Penn Economic Development Council that will assist with operating the program and make its loan fund accessible to interested businesses; Bridgeway Capital as an investor bringing $100,000 into the loan fund as well as being a participating lender; and several other financial institutions that have interest in supporting business growth.
"This partnership among the UDBDA, Fay-Penn, Bridgeway Capital and the other lenders will bring to the table much needed capital to small businesses in downtown Uniontown," stated Bob Shark, Fay-Penn's Executive Director. "The program will cover a range of business needs and offer competitive rates, low fees, and fast, friendly service. The downtown is a great place to open a business, and this new tool will make it even more attractive."
Reid Smith, the Director of Bridgeway Capital's Uniontown Office said, "Bridgeway Capital, Inc. is pleased to partner with the Uniontown Downtown Business District Authority (UDBDA), Fay- Penn Economic Development Council, and the other lenders, as the Authority introduces its new loan program. Bridgeway Capital will commit at least $100,000 to the loan program for eligible borrowers." Smith continued saying that “Bridgeway Capital provides capital and business education to underserved communities that results in positive economic and social impact. We see this UDBDA program as a strong fit with our mission.”
Bridgeway Capital, Inc. is a Community Development Financial Institution (CDFI) and serves 15 counties in Western Pennsylvania from its offices in Uniontown, Erie, and our headquarters in Pittsburgh.
An application can be downloaded at: www.faypenn.org/forms. Completed forms should be mailed to:
Uniontown Downtown Business District Authority Attn: Tim Kelley
20 North Gallatin Avenue
Uniontown, PA, 15401
The mission of the Uniontown Downtown Business District Authority is to provide downtown Uniontown with centralized management, information, and programs that will enhance the downtown’s economy, both existing and future.
For more information contact Denice Ferranti-Robinson (724) 439-8771