SIF is a private sector source of financing for investments and loans to projects with the potential of creating significant economic impacts in communities around the 12-county region of Southwest Pennsylvania.

Founded in 1996 and now managed by RIDC, the Fund’s objectives include job creation, community development and elimination of urban blight. Its purpose is to fill gaps in financing of projects that have the potential to spark regional economic growth, are integral to the growth of R&D-driven companies, or that provide other opportunities to benefit local communities and the regional economy.

Eligible uses of funds include such things as acquisition of real property, land development and infrastructure, rehabilitation or new construction, soft costs, FF&E, or working capital. Loans amounts may range from $500,000 to $8 million.

Power of 32 (P32) is another private investment fund, which supports site development and is targeted toward increasing the inventory of shovel-ready sites in the Pittsburgh region.

It helps close critical infrastructure financing gaps by making patient mortgage loans to sites that have the potential for regional impact or that are identified as a priority for the greater region. The Fund targets larger sites – 20 acres or more – industrial, commercial or mixed use, with a preference for redeveloping brownfield sites or land in underinvested communities.

For more details about these programs and how to apply, contact Sophie Beacom, RIDC’s Economic Development Specialist, at sbeacom@ridc.org.