Media Coverage | F.N.B. debuts Hill District Gap Lending Program

Apr 28, 2021

By Patty Tascarella | Pittsburgh Business Times | April 27, 2021 | Read the full story

F.N.B. Corp. has launched the Hill District Gap Lending Program.

F.N.B. on Tuesday said it has committed $5 million to the program, which is being designed to help address financing gaps for real estate projects in the community.

It will provide loans of up to $400,000 and flexible lending parameters for local businesses that need more funding to develop or redevelop community assets.

Based in the city’s North Side neighborhood but planning a new headquarters in the Lower Hill District, F.N.B. (NYSE:FNB) is Pittsburgh’s fifth-largest bank according to deposit market share.

F.N.B. said it will collaborate with community organizations including the Hill Community Development Corp. and Neighborhood Allies to identify and engage prospective participants.

The bank has additionally invested $2 million in the Urban Redevelopment Authority of Pittsburgh and Invest PGH Inc., the newly certified Community Development Financial Institution that spun out of the URA, to support lending programs for businesses that traditionally have experienced financing challenges.

As part of F.N.B.’s investment, $1 million will be used by the URA’s Small Contractor Line of Credit Program for minority contractors in the Hill District who are taking on projects that require access to working capital. Pending URA board approval, the line of credit program will begin on May 13.

Another $1 million will be provided directly to Invest PGH Inc. for its Accelerating Business Expansion Loan Program, which stimulates growth for small- to medium-sized businesses through flexible financing for real estate purchases, development and other expansion needs. F.N.B.’s funds through this program will primarily benefit businesses in Pittsburgh’s Hill District and North Side communities.

“Our commitment to these initiatives, including our own new gap lending program, both extends F.N.B.’s long history of service to the Hill District and affirms our plans for ongoing investment in this vibrant neighborhood,” Vincent Delie Jr., F.N.B. chairman, president and CEO, said in a prepared statement. “Our goal is to connect historically underserved members of our community with access to capital and other resources so that we can foster opportunities and, ultimately, drive growth and success for the greater Hill District and the Pittsburgh region overall.”

Top Header Image Photo Credit: Prototyping Larimer Stories by artist John Peña, photo by OPA