As of today, it’s becoming a lot easier for small businesses in the Pittsburgh area to access capital. Honeycomb Credit, in partnership with The Urban Redevelopment Authority of Pittsburgh, Bridgeway Capital, Kiva Pittsburgh at the Riverside Center for Innovation, Axiom Advancement Corporation, and the Chatham Center for Women’s Entrepreneurship are launching the Pittsburgh Business Lending Network.
This network of mission-driven lenders will connect small businesses in need of capital to lenders using one basic form. Many small businesses that are struggling financially or launching new ventures often end up utilizing predatory loans from large online lenders. The PBLN offers a local alternative to these predatory sources of capital, and also offers lending opportunities to businesses that might be deemed too risky for traditional lenders such as banks or the Small Business Administration.
A business interested in accessing capital fills out an interest form on the PBLN website. Members of the Lending Network are then notified of the submission and then reach out to businesses that meet their eligibility criteria. This Lending Network model was first introduced in Philadelphia by the Department of Commerce and has generated hundreds of submissions over its five years of existence.
“Our shared goals to support an equitable and thriving ecosystem for community-based small businesses is what sets the PBLN apart as a cooperative resource to find financing,” says Katherine Chamberlain, Bridgeway Capital’s Director of Communications.
In Pittsburgh, this lending network improves the way small businesses access capital and provides critical data on what small business lending gaps exist. We’re looking forward to working collaboratively with all members of the small business support ecosystem to support an equitable economic recovery for Pittsburgh’s small businesses.
Check out the Pittsburgh Business Lending Network here.