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Progress Fund to get $1.34 million

| Tuesday, Sept. 24, 2013, 5:30 p.m.

Greensburg-based Progress Fund has been awarded $1.34 million from the federal government to use for loans to businesses, the group's president and chief executive officer said.

David Kahley said his agency learned Tuesday from the Treasury Department that the Community Development Financial Institution money had been awarded.

“There was a lot of hooting and hollering at the office,” he said.

Most of the money will be used next year to make loans to new businesses or those looking to expand, he said. Those projects have not yet been determined, Kahley added.

He estimated most of the funds will be used in Western Pennsylvania.

“They like the fact we fund small businesses in rural Pennsylvania,” Kahley said of federal officials.

The Progress Fund helps support economic development in 40 counties in western and northern Pennsylvania, all of West Virginia and parts of Maryland and Ohio.

The $1.34 million was the highest amount given to any agency this year in the competitive funding program, Kahley said. His agency received $1.45 million last year, also the highest awarded in 2012.

The money can be used as collateral for the Progress Fund to seek other financing.

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