The Progress Fund awarded $2M federal grant
A Greensburg-based community development financing agency has been awarded a $2 million federal grant to loan money to small businesses to boost tourism in Pennsylvania and parts of West Virginia, western Maryland and Ohio.
The Progress Fund, which provides loans and technical assistance to business, received the maximum grant from the U.S. Treasury Department's Community Development Financial Institutions Fund. The money the funds received in the competitive grant process were part of a nationwide program that provided more than $194.5 million to 185 organizations.
“This is the sixth year in a row that The Progress Fund has received the maximum award from the federal government,” said David Kahley, president and co-founder of the financial institution.
The grant will be used to make loans to business in the coming year, said Karen Post, chief financial officer and co-founder of The Progress Fund.
So far this year, the agency said it has made 24 loans totaling more than $3.1 million, which has helped 23 small businesses create and retain 109 jobs. Since it was created in 1997, The Progress Fund has made 445 loans topping $53.7 million, helping 271 small businesses create or retain 3,279 jobs.
Among the loans that The Progress Fund made over the past two years were ones in Greensburg, Ligonier Township and West Newton. The Progress Fund purchased a closed tavern in downtown West Newton, spent money to renovate it and has leased it to a business that will operate a Subway restaurant franchise at the site overlooking the Youghiogheny River.
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 â 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.