SPC’s Business Finance Assistance program works with entrepreneurs to assist them in starting, developing and expanding their businesses. SPC’s programs focus on creating and retaining full-time jobs in the Southwestern Pennsylvania region. In many instances, SPC acts as a public partner to reduce risk for local lender partners.
SPC maintains strong relationships with local private financial institutions, Small Business Development Centers and community-based economic development entities to create comprehensive loan packages that enable small businesses to meet their financing needs with low-interest loans. During 2016, SPC’s Business Finance Assistance staff met with over 100 lenders to educate them on the loan programs SPC has available, and how those products can serve them and help them to develop stronger business relationships with their clients, by offering low interest, financing options.
SPC is an authorized Area Loan Organization by the PA Department of Community and Economic Development and is an authorized economic development lender for both the Appalachian Regional Commission and Economic Development Administration.
Throughout the year, Business Finance Assistance staff meets with each of SPC’s loan clients to provide them with the latest information on loan programs and other technical assistance that SPC and its PREP partners offer to business owners. Our outreach assesses each client’s current needs to help develop potential expansion projects or large equipment purchases to help make their business more successful.
SPC’s Business Finance Assistance staff reviews and analyzes every business client’s application, which allows its Loan Review Committee to make well-informed loan decisions. In 2016, manufacturing and service entities made up the majority of businesses applying for loan funds. SPC also has the ability to make loans and provide assistance to high tech, oil and gas, agricultural and tourism businesses.
SPC’s loan portfolio currently consists of 58 loans totaling principal balances of approximately $4.3 million. In 2016, SPC’s Business Finance Assistance staff closed on four projects totaling $1,050,000. These loans leveraged nearly $3.0 million in private sector investment, an increase over 2015.
Natural Concrete Products Inc. (NCP), a Nebraska-based company established in 2002, had a need for expansion in the Northeastern United States. Having had great success in their home state, an opportunity arose with Home Depot to supply them with a new patented prefab concrete paver. To make this great new opportunity viable, NCP needed to open an operations center in Southwestern Pennsylvania. In conjunction with other lending partners, SPC was able to finance NPC’s opening of their new center in Butler County and the purchasing of their necessary equipment.
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For more information about SPC's Business Finance Assistance Program, contact Ed Nemeth, Manager, at (412)
391-5590 x322 or firstname.lastname@example.org.
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