The Manufacturing Growth Cooperative Fund, or MaGC Fund (“Magic Fund”) has been established through a partnership between Catalyst Connection and Bridgeway Capital and will provide up to $250,000 to any manufacturer in Allegheny County with fewer than 500 employees. The funds are available without many of the restrictions and limitations associated with more traditional forms of financing and are provided on a fixed interested rate of 6%.

Through this innovative loan program, many of the nearly 1,600 small and mid-sized manufacturers in Allegheny County will be eligible for loans from $35,000 up to $250,000 to help spur growth and improve their competitive performance.

“This new fund is intended to provide the stimulus that manufacturers in Allegheny County need to help them compete, but can’t get from other sources,” said Art Tintori, managing director of financial services at Catalyst Connection.

The MaGC Fund provides 100% financing for projects in need of working capital here in the Pittsburgh area.  This financing product will put much-needed capital in the hands of small manufacturers, who collectively account for thousands of jobs here in Allegheny County.

Many of the barriers and restrictions have been eliminated from the typical loan process. Some of the benefits of MaGC include: 

          -- Full loan funding on a single application

          -- Match funding not required 

          -- Quick turnaround time 

          -- Job creation not required 

          -- Competitive interest rate (6%)

To be eligible for consideration, manufacturers applying for a MaGC Fund loan must be in Allegheny County and have 500 or fewer employees. Any interested companies may apply online at www.catalystconnection.org/finance-programs-for-manufacturing/

Bridgeway Capital is dedicated to making western Pennsylvania a thriving region by providing capital and education opportunities to entrepreneurs and small businesses.  It has placed more than 500 loans to small businesses across a variety of industries, injecting $55.5 million in capital directly into the region and leveraging more than $200 million.

Catalyst Connection is part of the statewide Industrial Resource Center (IRC) Program, which collectively serves over 1,000 small and mid-size manufacturers each year. Last year, the IRC Program helped manufacturers gain or retain over $907 millioni in sales, realize almost $92 million in cost savings, and create or retain over 6,000 jobs.