PNC Community Development Banking and the PNC Foundation recently invested $10 million in three programs operated or managed by the Urban Redevelopment Authority (URA) of Pittsburgh.
The programs support struggling small-business owners and underserved Pittsburgh neighborhoods.
Funding distribution includes $6.5 million that will be used for the Emergency and Recovery Loan Fund that assists small-business owners in mitigating the economic impact of COVID-19.
A total of $2.5 million will help a nascent community development financial institution pending certification from the Treasury Department. The institution would assist businesses located in low- and moderate-income communities or in predominantly minority communities that have historically experienced decades of disinvestment and difficulty accessing capital. It also would help nonprofit organizations that serve these communities.
Additionally, $1 million will expand Catapult: Startup to Storefront, an accelerator and retail business incubator for minority and women entrepreneurs who want to start or grow a business.
Of the total investments, 15 percent are directed toward childcare providers.
PNC made similar investments earlier this year: committing more than $50 million to eight community development financial institutions nationwide, providing $30 million in charitable contributions to support coronavirus relief efforts, and committing $1 billion to help end systemic racism and support the economic empowerment of African Americans and low- and moderate-income communities.