URA waiving all fees for administration of the COVID-19 working capital assistance program
March 31, 2020
The Pittsburgh Economic and Industrial Development Corporation (PEIDC), the Certified Economic Development Organization (CEDO) affiliated with the Urban Redevelopment Authority of Pittsburgh (URA), is waiving all application fees for all City of Pittsburgh small businesses applying for the Commonwealth’s COVID-19 Working Capital Assistance Program (WCAP).
“The PEIDC Board had initially settled on a $350 application fee and a 3 per cent of loan proceeds underwriting fee to support the administration and loan underwriting operating costs of facilitating this program. In light of the great need of the borrowers and urgency of providing maximum relief to those businesses effected, the board had agreed to eliminate all fees proposed for this program,” said Rebecca Davidson-Wagner, acting president of PEIDC.
The URA, through PEIDC, is administering the COVID-19 CWCA program. The program offers 0 per cent loans for up to $100,000 for working capital expenditures. The Commonwealth has streamlined its Pennsylvania Industrial Development Authority's (PIDA) program to provide much needed working capital based on the accrual of these expenditures in the past 3-6 months. The Commonwealth has funded this program for $60M.
City of Pittsburgh small businesses interested in the program should visit http://www.ura.org/pages/covid-19-working-capital-access-program on the URA’s website, http://www.ura.org.
• Regional Industrial Development Corporation – Colleen Poremski at 412-471-3939 or firstname.lastname@example.org
• Southwester PA Commission – Steve Meredith at 412-391-5590 X325 or email@example.com.
For updates on URA programs, visit the URA COVID-19 Resources Page: http://www.ura.org/pages/covid-19