Governor Wolf Announces Funding to Minority-Owned Small Businesses, Promoting Job Creation and Economic Growth Through Diversity
July 27, 2018
Harrisburg, PA – Today, Governor Tom Wolf announced the approval of five loans to minority-owned small businesses through the Pennsylvania Minority Business Development Authority (PMBDA) that will help the businesses grow, thrive, and create jobs across the commonwealth.
“The PMBDA is a vital program that helps ensure every business owner in Pennsylvania has access to the resources he or she needs to thrive,” Governor Wolf said. “When we empower our minority-owned businesses through programs like these, we not only help create jobs and grow our economy, but we signal to the rest of the country that Pennsylvania is open for business – to everyone.”
The following loans were approved:
Salem’s Market and Grill, LLC, a butcher and ethnic grocery market in Pittsburgh, was approved for a $184,500 loan to renovate its operating facility to provide ample space for food preparation, food packaging and display, inventories, and meat preparation equipment. The project is expected to create two full-time jobs within three years and retain the company’s 24 existing jobs. The total project cost is $284,000.
Berks Barber School, LLC was approved for an $85,000 loan for the purchase and acquisition of the building that currently houses Charlie Haynes Barber School, which will be available following the imminent retirement of the owner, Charlie Haynes. The owner of Berks Barber School, Samuel DeLaCruz, was a graduate of Charlie Haynes Barber School and plans on continuing the tradition of operation a barber school at that location. The school is also anticipated to provide low-cost barber services to residents in the area. The project is expected to create two full-time jobs within three years. The total project cost is $100,000.
Pharma-Med, Inc. was approved for a $250,000 loan for building renovation, the purchase of new manufacturing equipment, and finance working capital. The renovation work will involve numerous upgrades and improvements to its 4,500-square-foot commercial building. Specific work to be performed includes replacement of gas boiler, HVAC system, and numerous other upgrades to the facility to include bathrooms, lobby area, celling and carpeting. The project is expected to create two new full-time jobs and retain five existing full-time employees within three years at the project site. The total project cost is $280,000.
The Enterprise Center Capital Corporation (TEC-CC), an affiliate of the nonprofit economic development organization The Enterprise Center, was approved for a $400,000 loan to provide low-interest loans to minority-owned businesses in Philadelphia, Delaware, and Montgomery counties. TEC-CC’s mission is to cultivate and invest in minority entrepreneurs by stimulating collaboration for economic growth, improving access to capital, strengthening businesses, stabilizing income base in the communities around the region, increasing employment, and contributing to the economic revitalization of distressed communities in Philadelphia and surrounding regions. It offers business education, management support and connections, and provides debt and equity capital that businesses need to start, grow, and succeed in the marketplace. The total project cost is $500,000.
Kitchen Corners, Inc, a startup that provides shared kitchen memberships to established food businesses and contracting services to the public and the private sector, was approved for a $220,000 loan to renovate a garage space into a commercial rental kitchen that offers prep space, efficient cooking elements, baking equipment, and cold/dry storage rooms. The company plans to offer its clients a clean and eco-friendly environment to prepare their food and a wide array of services which include facility management, processing of food products for the consumer market, cooking classes and demonstrations, and social media branding and marketing support. The project is expected to create seven full-time jobs over the next three years. The total project cost is $247,250.
The PMBDA administers low-interest loan financing to businesses owned and operated by ethnic minorities, in order to stimulate job creation and entrepreneurial development. Governor Wolf has prioritized the empowerment of minority-owned small businesses through Executive Order 2015-11, “Diversity, Inclusion and Small Business Opportunities in Commonwealth Procurement and in Pennsylvania’s Economy.”
For more information about PMBDA and other Department of Community and Economic Development (DCED) initiatives, visit the DCED website or follow the department on Twitter, LinkedIn, Facebook, and YouTube.