Pittsburgh Gateways Corporation’s new “Power Fund” launches operations by approving and distributing investments/loans to five early-stage private companies.
The Power Fund has three objectives:
1. From an endowed principle, make five to seven early-stage loans per year to private ventures at the earliest stage of development. Companies whose business objectives also strengthen the capacity of the Energy Innovation Center’s mission to serve the region.
2. Ensure that a minimum of 55% of the funds distributed are awarded to minority-owned ventures. Four of the first five 2021 transactions are with 100% minority-owned companies.
3. Structure the terms of the loan to focus on outcomes that, in turn, replaces traditional collateral. By doing so, the Power Fund adds strength to each company’s capital formation.
Robert Meeder, CEO & President of Pittsburgh Gateways Corporation and the Energy Innovation Center, LP facilities states: “We are in the process of aligning the Power Fund with other small business programs and initiatives of larger institutions to give additional capital formation resources to our clients and to grow our capacity to serve.”