Sean Girdwood, co-chair of the Finance Industry team, is quoted in the Pittsburgh Business Times article, "Here's what new $225M initiative means for small businesses in Pennsylvania" outlining what businesses need to know before taking advantage of this program.
Sean Girdwood, co-chair of Buchanan Ingersoll & Rooney PC’s finance industry team, said further clarification from the state is expected. But with funds becoming available through two existing programs, Main Street and Historically Disadvantaged Business Revitalization, potential borrowers will need to apply through a local CDFI for one of these programs and meet their qualifications.
“These qualifications could include having less than a defined number of employees, being in operation prior to certain dates, or having a set percentage of a business’ management and ownership be socially and economically disadvantaged as required by The Historically Disadvantaged Small Business program,” Girdwood said. “Applicants should also expect to provide documentation showing losses in sales and how they may use the funds received.”