Progress Fund to get $1.34 million
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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Ex-worker admits to taking money from Penn Township Sewage Authority
- Catholic Diocese of Greensburg injunction becomes permanent
- Stormwater management plan stuck in stalemate in Unity, Latrobe, Derry Townships
- Man admits preying on Lower Burrell neighbor, taking more than $100K in money, goods
- Pickup changes to be in place at Greensburg Salem Middle School next week
- Greater Latrobe schedules will be available online
- Radiation measuring device triggered by load at Yukon facility
- Police look for Derry driver who crashed into house
- Mt. Pleasant police chief Ober retires
- Latrobe girl, 4, reaches donation goal from 50 states for Alzheimer fundraising success
- Western Pa. Operation Nighthawk traffic patrol yields 38 arrests