Honeycomb Credit And The URA Announce PGH LIFTS Program To Bring Crowdfinanced Investment To Pittsburgh’s Streetface Renovation Program
Press Release – We are thrilled to announce that Honeycomb Credit will be partnering with the Urban Redevelopment Authority of Pittsburgh (URA) to help locally owned businesses improve their storefronts through a first-of-its-kind public-private partnership.
This partnership, called PGH LIFTS (Local Investment for Tomorrow’s Streetscapes), will make the URA’s Streetface Renovation Program financially accessible to more small businesses, while simultaneously allowing community members to invest in the revitalization of their neighborhoods. Together, we are unlocking the potential of our local business districts.
Through the Streetface Renovation Program, the URA currently encourages storefront improvements by offering businesses and property owners a forgivable loan that covers 40 percent of exterior improvements to a commercial space located in a qualified business district. To expand the program and make it available to more Pittsburgh businesses, Honeycomb Credit will use its crowdfinancing platform to help businesses find the private matching funds necessary to participate in the URA’s program.
PGH LIFTS is made possible by Honeycomb Credit’s admission to the highly selective PGH Lab 4.0 cohort. PGH Lab is an initiative launched by the City of Pittsburgh in 2016 that creates partnerships between civic-minded startups and government departments to make the Pittsburgh municipal government more efficient, transparent, and innovative.
PGH LIFTS will introduce an unprecedented level of community participation in local streetface renovation, a process that previously only included the government and the business community. Honeycomb Credit is realizing a future where streetscapes are financed from the grassroots level, and community wealth is built one facade at a time.
About Honeycomb Credit
Honeycomb Credit is a Pittsburgh-based crowdfinancing platform that connects small businesses looking for expansion loans with community members looking to Invest Local. Founded by George Cook – a 6th generation community banker and Ken Martin – an investment banker turned small business owner, Honeycomb Credit unlocks growth opportunities for small businesses to build vibrant, financially empowered communities. In its first year, Honeycomb Credit has helped a dozen Western Pennsylvania small businesses fund expansion projects while providing everyday people a way to invest in Main Street businesses. More at www.honeycombcredit.com
About the Urban Redevelopment Authority of Pittsburgh (URA)
The URA is the City of Pittsburgh’s economic development agency, committed to creating jobs, expanding the City’s tax base, and improving the vitality of businesses and neighborhoods. The URA achieves this mission by assembling, preparing, and conveying sites for major mixed-use developments and by providing a portfolio of programs that include financing for business location, relocation and expansion, housing construction and rehabilitation, and home purchases and improvements. The URA is also committed to equitable development, and incorporates best practices for equity and inclusion into its internal and external policies and activities.
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