State officials are launching a lending initiative aimed at helping businesses owned by women, veterans and minorities.
The Pennsylvania Diverse Business Financing Initiative will provide 10-year loans of up to $250,000 to economic development groups, specifically community development financial institutions and certified economic development organizations.
Those groups will then use the funds to make loans to minority-, woman-, veteran-, disabled- and LGBT-owned businesses, according to information from the Department of Community and Economic Development, which is overseeing the program.
Funding for the loans will come from existing DCED programs.
DCED sent a letter about the initiative to its partnering development groups May 22.
The initiative is one of several to come out of an executive order Gov. Tom Wolf signed in 2015 to spur government programs that help diverse businesses.
Other actions to come out of the order include DCED’s Small Diverse Business Capital Access Program, as well as a planned study to examine any discrimination small-business owners might face in their pursuit of government contracts.