Pittsburgh to use stimulus to aid small businesses

http://www.phillyburbs.com/news/news_details/article/206/2009/april/03/pittsburgh-to-use-stimulus-to-aid-small-businesses.html

Pittsburgh to use stimulus to aid small businesses

The Associated Press

Pittsburgh Mayor Luke Ravenstahl says he is launching a program backed by federal stimulus dollars aimed at helping small businesses.

Ravenstahl says the $1 million loan program will be officially announced on Monday. About half the money is available because of money given to the city's Urban Redevelopment Authority through the federal stimulus package.

Ravenstahl says high-tech, information technology and life science businesses will be eligible to access the loans. Ravenstahl says he hopes to soon double the program's funding.

Ravenstahl says it is critical to assist small businesses in the current economy, and especially in Pittsburgh, a city that has long been struggling to increase job opportunities and stop a population decline.