Fund Poised to Boost N. Side Startups , Expansions with $1.6M in New Capital
Spatter, Sam, Tribune-Review/Pittsburgh Tribune-Review
With a $13 million capital base bolstered by $1.64 million in new contributions, the Northside Community Development Fund is ready to finance business startups and expansions, its executive director said on Thursday.
"Now we will include financing for pre-development real estate acquisitions and a new mortgage program that includes acquisition and rehabilitation of a house in one mortgage," said Mark Masterson at the group's annual luncheon.
The fund recently received $450,000 from Rivers Casino, $450,000 from the state Department of Community and Economic Development in a grant and a low-cost loan, $440,000 from the U.S. Small Business Administration, $250,000 from the Treasury Department's Small Business Loan Fund, and $50,000 from Huntington Bank.
The money will boost a number of projects under way or proposed in the North Side, said Mark T. Fatla, executive director of the Northside Leadership Conference, the fund's parent organization.
The projects include:
- Demolishing an empty Vinial Street apartment building to give Pennsylvania Brewing Co. space for a cold-storage facility, which the brewery lost when a wall collapsed, said Sandy Cindrich, business manager. Vinial Partners -- Steward Diamond, Gary Cindrich and Codrey Little -- will join that project, she said. A second phase would expand the brewery.
- Expanding second-story offices in a building at 632 E. Ohio St., owned by Historic Deutschtown Development Corp. …