Revolving Loan Fund

Port of Pittsburgh Revolving Loan Fund

Eligibility

For-profit corporations, partnerships or proprietorships either located in or locating to the Port of Pittsburgh District: Allegheny, Armstrong, Beaver, Blair,Butler, Clarion, Fayette, Greene, Indiana, Lawrence, Washington, and Westmoreland Counties.

Uses

Equipment, building expense, research (not market research) are eligible. Working capital may be used only for export financing and/or waterway freight transportation financing and inventory carrying costs during waterway freight transportation or costs to preposition cargo that would otherwise suffer a time disadvantage due to waterway transportation.

Loan Limits

From $10,000 to $200,000
One-to-one match required for loans.

Term

Loans will have a repayment period of three (3) to seven (7) years unless it is to be made co-terminus with other loans that require an extension.

Rates

Fixed rate will be set at the U.S. Treasury rate, plus 50 basis points, as published in the most recent edition of the Wall Street Journal, after the borrower approves the Commitment Letter.

Deadlines

Applications should be received 3 weeks prior to the quarterly PPC meeting. After approval, PPC legal counsel, or third party counsel if approved by PPC, will work upon the terms of the Commitment Letter for and pre-conditions for closing. The Commitment Letter will be valid for 60 days, unless extended by PPC.

Fees

Application must be accompanied by a $250 fee. Closing costs, up to $1,500, are due at closing.

Collateral

All loans secured with lien position on collateral financed and company guarantee, including reimbursable match portions of federal grants processed through the PPC. In addition, personal guarantee and other collateral will be required as deemed necessary.

Evaluation Requirements

Business and Management history, capabilities and personal resumes
Three years business financial statements and tax returns
Aging of accounts receivables and payables
An interim financial statement not more than 90 days old
Income statement projections and cash flow projections for at least one year
Personal financial statement and tax returns
Project description, including project costs and benefits
Collateral

The Commission retains an outside advisor to evaluate the financial soundness of an application, but reserves the right to accept or reject any loan application.

Revised December 2, 2011