Main Street Fairmont has partnered with the Federal Home Loan Bank of Pittsburgh to offer the Banking on Business program. The following excerpts are borrowed from the Federal Home Loan Bank of Pittsburgh’s website.
What is Banking on Business?
Banks are sometimes unable to lend money to small businesses — especially start-ups — that lack sufficient equity or cash flow. But with FHLBank Pittsburgh’s Banking On Business (BOB) program to make these deals more bankable, financial institutions are more willing to provide loans.
Delivered through member financial institutions, BOB funding helps eligible small businesses with start-up and expansion. Each BOB dollar FHLBank contributes will likely leverage an additional $6 in financial resources to small businesses in the region, thereby creating or retaining jobs and improving local communities.
BOB offers recoverable assistance to be leveraged with member financing to help small businesses that need it most. Since 2000, FHLBank has funded more than $36 million in BOB funding to assist small businesses in our district, creating or retaining more than 5,200 jobs.
Delivered through member financial institutions, BOB funding helps eligible small businesses with start-up and expansion. Each BOB dollar FHLBank contributes will likely leverage an additional $6 in financial resources to small businesses in the region, thereby creating or retaining jobs and improving local communities.
BOB offers recoverable assistance to be leveraged with member financing to help small businesses that need it most. Since 2000, FHLBank has funded more than $36 million in BOB funding to assist small businesses in our district, creating or retaining more than 5,200 jobs.
What Qualifies for BoB Funding?
Banking On Business (BOB) funds may be used in financing the start-up or expansion of a small business and may be applied toward:
NOTE: Not eligible for funding is any small business that:
BOB funds assist communities as follows:
- Purchase of a building
- Land acquisition and construction
- Expansion of a facility
- Purchase of machinery and equipment
- Leasehold improvements
- Permanent working capital
- Closing costs
NOTE: Not eligible for funding is any small business that:
- Does not meet FHLBank’s definition of "small business"
- Is in the financial, insurance, real estate or government sectors
- Is a nonprofit organization
- Is in the housing area (which gives them access to our Affordable Housing Program [AHP] and Community Lending Program [CLP] programs.)
BOB funds assist communities as follows:
- Creating/retaining jobs
- Assisting members in providing capital to underserved areas and for underserved populations
- Promoting local economic growth
Application Information
Members can call the Community Investment Department at 1-800-288-3400 or contact us via e-mail to inquire about fund availability or to request an application. The application contains:
Electronic versions of the updated BOB Manual and forms (which are within the manual) are available for download at right.
To register a business, e-mail a copy of the completed BOB registration form to Brent Anderson. Then mail the original and signed BOB business registration form, with supporting documentation, to Bill Joseph, 140 Maffett Street, Third Floor, Plains, PA 18705.
The Community Investment Department can assist you in completing applications and any supplemental forms, and in explaining the responsibilities of each party involved in the BOB program. To speak to a Community Investment representative about BOB, please contact Brent Anderson at 412-288-2864 or Bill Joseph at 570-823-0644,or contact us via e-mail with questions.
- An enrollment form requesting participation in BOB
- A registration form for each qualifying small business
- A funding form for requesting funds at closing for the small business identified in your registration form
- A BOB performance measurement report is due the first year of repayment
Electronic versions of the updated BOB Manual and forms (which are within the manual) are available for download at right.
To register a business, e-mail a copy of the completed BOB registration form to Brent Anderson. Then mail the original and signed BOB business registration form, with supporting documentation, to Bill Joseph, 140 Maffett Street, Third Floor, Plains, PA 18705.
The Community Investment Department can assist you in completing applications and any supplemental forms, and in explaining the responsibilities of each party involved in the BOB program. To speak to a Community Investment representative about BOB, please contact Brent Anderson at 412-288-2864 or Bill Joseph at 570-823-0644,or contact us via e-mail with questions.
