Invest PGH 2024: Empowering Pittsburgh Communities and Entrepreneurs
Invest PGH’s 2024 was all about making connections: connecting small businesses with the funding they needed to launch, grow, and thrive; connecting childcare providers with the support they need to nurture the future of our city; and connecting borrowers with the knowledge and resources they need to ensure long-term success. We’re excited to look back with you on an incredible year of impact, highlighting how our programs made a difference in Pittsburgh.
Small Financing, Big Dreams: The SMAL Program
One of our most impactful programs this year was our Startup & Mini Advancement Loan. Designed specifically for startups, pre-businesses, and small enterprises, SMAL loans provide up to $30,000 for essentials like working capital, equipment, inventory, and leasehold improvements. In 2024, we approved five SMAL loans, investing $104,000 in ambitious entrepreneurs eager to turn their ideas into thriving businesses.
Read our story about Radio, a skate shop where every detail reflects the passion and creativity of its owners. This SMAL-funded project isn’t just a place to buy skateboards, but a community hub where skaters of all ages and backgrounds can come together to do what they love.
Empowering Commercial Growth: The ABEL Program
For Pittsburgh’s small- to medium-sized businesses, our Accelerating Business Expansion Loan has been a game-changer. Offering larger loans with flexibility underwriting, ABEL supports projects like real estate purchases, development, equipment acquisition, and working capital. This year, Invest PGH approved eight ABELs, investing a total of $686,500 in businesses that are now poised for significant growth.
Read our story about Third Space, a vibrant, community-focused bakery that brings together art, chemistry, and a passion for food. Founded by a group of dedicated creatives, this coop is redefining what it means to serve delicious artisanal baked goods and to serve the local community.
Supporting Pittsburgh’s Children and Its Workforce: The CRiB Program
Childcare is the backbone of any thriving economy, and our Childcare Reinvestment Business Fund ensures that Pittsburgh’s childcare providers have the resources they need to succeed. This year, eight CRiB loans were provided, totaling $172,500. These forgivable loans are designed to help childcare businesses address operational challenges, enhance their facilities, and meet the demands of working families.
Read our story about the CRiB program and its successes, as well as about our partnership with Chatham University’s Center for Women’s Entrepreneurship. Our Business of Childcare program offers a tailored business curriculum, one-on-one coaching, entrepreneurial education, and a support network that assists providers with access to the financial and educational resources they need to succeed.
A Lifeline for Borrowers in Need: Emergency Grants
In 2024, Invest PGH stepped up for our existing borrowers who were experiencing urgent needs. We distributed an additional $143,375 in emergency funding to twenty-nine recipients. These grants provided our current borrowers with critical support to weather unexpected challenges. Whether it was helping a business recover from unexpected damage or helping to replace broken equipment, these funds reinforced our commitment to being more than just a lender: we’re a partner in resilience.
More than Money: Free Technical Assistance
At Invest PGH, we know that success requires more than funding. That’s why we’ve partnered with Chatham University to provide over 200 hours of free technical assistance to our borrowers. From business planning and financial management to specialized programs like The Business of Childcare, this collaboration offers expert guidance to help entrepreneurs build sustainable businesses and thrive in Pittsburgh’s ever-shifting landscape.
Diversity is Our Strength: A Commitment to Equity and Inclusion
Throughout 2024, Invest PGH remained steadfast in its commitment to equity. Seventy-four percent of our loans went to help minority- and women-owned businesses, ensuring fair access to financial resources in historically underserved communities. By targeting lending in investment areas defined by the CDFI Fund, we amply the impact of every dollar, fostering inclusive growth across our city.
Read our story about Armful of Flowers, a hillside flower farm where people can enjoy the beauty of locally grown blooms and feel a connection to each other. Despite the steep terrain, the farm thrives, turning the challenging landscape into a community oasis.
The Future’s So Bright: Looking Ahead
As we celebrate the successes of 2024, Invest PGH is already looking forward to the work ahead. We’re driven by the belief that every entrepreneur, childcare provider, and small business owner deserves a chance to succeed. Together we’re building a more equitable and vibrant Pittsburgh, one loan, one hour of support, and one community at a time.