Diverse Business Financing Initiative (DBFI)
Program Overview
The Pennsylvania Department of Community and Economic Development has launched the Diverse Business Financing Initiative (DBFI) to support and grow qualifying diverse businesses committed to full-time job creation and retention. Certified small businesses operated by minorities, women, veterans, service-disabled veterans, LGBT individuals, and more qualify for low-interest loans packaged and underwritten by the Bucks County Economic Development Corporation (BCEDC) in partnership with PIDA.
Uses
Land and building acquisitions; building construction and renovation costs; machinery and equipment; working capital
Eligibility
To qualify for loan financing through the DBFI, a business must be PA-based and for-profit with fewer than 100 employees worldwide. Many business sectors are eligible, including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises. Prior to applying through the BCEDC, a business must receive certification through the PA Department of General Services or a third-party agency as a minority-owned, woman-owned, LGBT-owned, veteran-owned, or service-disabled veteran-owned business.
Third party certification organizations:
- National Minority Supplier Diversity Council
- Women’s Business Enterprise National Council
- Unified Certification Program
- US Small Business Administration Business Development Program
- Vets First Verification Program
- National Gay & Lesbian Chamber of Commerce
- US Business Leadership Network
Funding
The DBFI will provide a maximum loan of $100,000 to finance a portion of total eligible project costs. The BCEDC considers a variety of factors when determining the loan amount, including the proposed use of funds, the amount matched by outside sources, and the anticipated number of full-time jobs created or retained.
For more information download the flyer https://bcedc.com/images/pdfs/PA_DBFI_Fact_Sheet.pdf or call BCEDC at 215.348.9031.