EDS has information to help businesses to survive during COCID-19
March 24, 2020
Economic Development South Executive Director Joey-Linn Ulrich is reaching out to area businesses with the following message:
As we continue to monitor our nation's evolving crisis, and learn new information about resources for small-business owners and their employees, we'd like to take an opportunity to share with you what we know so far:
Following are two separately compiled digests of information covering a diverse and comprehensive set of topics:
For any business in the City of Pittsburgh, the Urban Redevelopment Authority (URA) has created two new loan products. One is meant for existing borrowers and one is aimed at new borrowers (must be existing business), but for both they are being award on a first come, first severed basis. To learn more visit: https://www.ura.org/pages/covid-19 and select "Resources for Businesses".
The PA Department of Community Economic Development has stated small-businesses should work firstly to work with local lenders, particularly institutions with which they already have an established relationship. Our local and regional financial institutions may be our first line of defense. For instance, Bridgeway Capital has worked diligently to establish products and tools for small-business: https://www.bridgewaycapital.org/covid-19relief/.
If no other capital resource exists, DCED recommends working with the Small Business Administration who has agreed to make available low-interest loan opportunities at the request of Governor Wolf: https://www.sba.gov/funding-programs/disaster-assistance
The City of Pittsburgh and URA, along with many business district managers and Community Development Corporations are beginning to pull together plans to encourage the purchasing of regionally specific gift cards that would work in restaurants and retailers within a specified geography. The concept is to partner with local artists to drive interest in beautifully designed gift cards that will help support our small-business community through this hardship. Any community or business district that wishes to participate should contact Henry Horn-Pyatt: firstname.lastname@example.org to express interest. He is encouraging both city neighborhoods and county municipalities to participate.
Additionally, here is an example from East Liberty for how organizations are working to support their small-business community by compiling listings of businesses and their service: https://bit.ly/3bkQ7WL
Finally, if you are able to distribute, there are two surveys aimed at understanding what level of needs our business community may be facing and how we can better respond to the concerns of business owners:
Allegheny Conference: https://bit.ly/2y61fZi
If you, or a business you know, is seeking any specific resources not mentioned here, or if you would like additional clarity about any resource I've shared, please do not hesitate to reach out. Thank you for all that you do to support our local businesses and communities. While there is much work to be done to ensure our business community can rebound from this crisis stronger than ever, it is made easier with our collective efforts, and I look forward to working on these issues in solidarity.
Ms. Ulrich can be reached at Economic Development South at 412-885-4085 or by email at: Joey-Linn@econdevsouth.org