New Markets Tax Credit Loan Fund (NMLF)

The NMLF Program is designed to stimulate the growth of new and existing businesses in the City of Pittsburgh. It utilizes New Markets Tax Credits through Pittsburgh Urban Initiatives (PUI). The program targets manufacturing, distribution, and technology- and innovation-based, high job growth potential companies.

The NMLF is part of the Urban Redevelopment Authority's (URA) strategy to promote job creation and increase the City of Pittsburgh’s tax base.


The following criteria will be used to determine whether an applicant is eligible for a NMLF loan:

Area Eligibility

All NMLF projects must be located within the City of Pittsburgh’s eligible NMTC areas. (see for guidance).

New Market Tax Credit Eligibility

All NMLF projects must comply with New Markets Tax Credit rules and regulations. PUI/URA will require all applicants complete an initial NMTC Compliance Questionnaire (attached to these NMLF Guidelines).

Eligible Activities:

  • Machinery and equipment, including acquisition, delivery and installation, limited to items directly related to the operation of the business
  • Leasehold improvements, including façade renovations
  • Real estate, including acquisition, construction and soft costs associated with real estate projects

Loan proceeds may not be used for: refinancing existing debts (including leveraged buy-outs); speculative acquisition of real estate; or distribution or payment to the owners, partners, shareholders, or beneficiaries of the applicant or members of their families.

Parameters of Loan

Loan Size: The maximum loan amount shall be $1,500,000. The minimum loan amount is $500,000.

Private Sector Investment: Loans can be made in conjunction with a private lending source; NMLF loans should be no more than 40 percent of the project costs.

Equity Requirements: Each project shall contain a minimum cash equity investment by the applicant of 10 percent or higher of the total project cost.

Term: Up to 8 years, up to 7 years interest only

Interest Rate: Approximately 3-3.5 percent, subject to the loan size and PUI/URA underwriting

Please take a look at the full guidelines for more specifics on this program. (insert link to guidelines)

For more information please contact Jeni Cooper at 412-255-6556 or