In this world today, getting a start-up going might be challenging but the city of Pittsburgh Councilman Corey O’Connor is making sure that smaller businesses can have access to every opportunity they need to succeed.
With this new advisory board, entrepreneurs and start-ups will be provided with the guidance needed, along with the ability to get loans for qualifying applicants within city limits.
O’Connor says. “We as a city need to support those smaller businesses because they create more neighborhood jobs and bring stability to a neighborhood.”
The advisory board consists of 15 members who have diverse experiences in high-tech, finance, and retail. They serve as a think tank for Pittsburgh city government and as counselors to prospective business owners.
How will the program work?
It will provide loans of up to $20,000, with the minimum being $5000. These loans will have 2% interest rate with no prepayment penalties for 3 years.
Money must be used for costs associated with launching the business, including operational needs.
“When people start a business, they’re thinking about rent,” O’Connor says. “But sometimes they’re not thinking about the $500 per month to keep their website running. Costs just add up. And we just want to try and take care of all that red tape so people can be successful.”
The goal of the program is to provide new and in some cases existing businesses with the funds, tools, and expertise they need.
With this initiative, it is hoped that now some of these vacant buildings will get used again with some of these new start-ups.
Helping small businesses, from cutting-edge software companies to restaurants to novelty shops, remains important to the city.
Advisory board members receive no compensation, nor are they guaranteed support for their own business ventures
But by attracting more businesses to stay in the city, it will benefit everyone
If you have a vibrant local economy, great restaurants, great bars, museums, and attractions, it will help attract more companies and talent for these companies to hire, which is good news for everyone in the city of Pittsburgh.