With the transition to a sustainable economy that thrives for all gaining momentum, we must equip businesses with the funding and resources needed to shift their workforce into stable, generational careers that provide residents of our region with an excellent quality of life.
Moving from an extractive economy to a sustainable one provides an opportunity for all companies involved to build their foundation here in greater Appalachia and continue to drive globally impactful energy innovation in our region. Embracing a sustainable strategy and building a workforce that can execute on sustainability goals helps protect the environment in addition to opening doors to new long-term opportunities.
There is not a one size fits all solution to funding needs, but all businesses should leverage these opportunities to meet their individual goals. While the IRA, IIJA, and CHIPS funding opportunities are receiving a lot of attention, there are also everyday opportunities that businesses should be aware of in pursuing their goals. At a high level, here is a selection of project-based and critical business expense funding resources for you to utilize:
Project Based Funding
1. Government Grants and Subsidies
Local and state governments offer grants and subsidies to support the development of sustainable jobs and technologies. Some highlights:
- Sustainable Small Business Grant Program: The City of Pittsburgh offers this program to support local businesses in implementing sustainable practices such as energy-efficient upgrades, waste reduction measures, water conservation projects, etc.
- Energy Efficiency and Conservation Block Grant (EECBG) Program: The City of Pittsburgh has received funding from the Department of Energy through their EECBG to promote energy efficiency and conservation. These funds can be used to support sustainable businesses in implementing energy-efficient technologies, conducting energy audits, and implementing energy-saving measures.
- Pennsylvania Small Business Advantage Grant: Available statewide and can be accessed by businesses operating in the city looking to make energy-efficient upgrades.
- Allegheny County Sustainability Grant Program: The Allegheny County Department of Economic Development offers this program to support projects promoting environmental sustainability and social equity.
2. Clean Energy Financing
Financing institutions and organizations provide multiple lending options in addition to specialized options for funding clean energy projects, like developing renewable energy infrastructure, or implementing energy efficiency measures in buildings. Pittsburgh is home to various banks that can support your sustainable job initiatives. A few examples are:
3. Impact Investors
Impact investors in the Pittsburgh and greater Appalachia area are interested in supporting businesses that create positive social and environmental impact. Connecting with impact investing networks and organizations that operate within the region is a wonderful way for businesses or organizations to find investment opportunities and investors that align with their interests. Here are some of the impact investors in the Pittsburgh region:
4. Philanthropic & Foundational Investors
There are philanthropic foundations within Pittsburgh and other Appalachian cities dedicated to supporting sustainable initiatives and businesses. Look for foundations that align with your business on environmental conservation, economic development, and social impact to leverage the resources and opportunities provided by these foundations. Here are a few examples of foundations that support businesses with sustainable focused initiatives:
- The Heinz Endowments
- The Pittsburgh Foundation
- The Richard King Mellon Foundation
- The Claude Benedum Foundation
Critical Business Expense Funding
In addition to project-based funding, small and medium businesses must also consider funding necessary for critical businesses expenses, such as managing payroll. These expenses are integral to running a business and ensuring consistent payment to employees is vital to the sustainability of your workforce. Fortunately, there are also various strategies and funding sources available to help businesses cover these critical expenses and free up cash for investment in sustainable initiatives:
1. Payroll Included Project-Based Grants
- The Pittsburgh Urban Redevelopment Authority (URA) offers grants and financing options for businesses involved in economic development projects. These grants can support job creation and retention, and payroll expenses can be included as part of the project budget.
- The Small and Mighty Grants program by the Pittsburgh Foundation provides funding to small businesses engaged in community development projects. Businesses can incorporate payroll costs as part of their project proposals.
- Workforce Development Grants
- Partner4Work is Pittsburgh’s workforce development board that administers federal and state grants to support training and employment programs. They offer grants for initiatives that enhance workforce skills and can indirectly contribute to payroll support by improving employee capabilities.
- The PA Department of Labor and Industry provides funding opportunities through programs like the Industry Partnerships program, which supports businesses in developing industry-specific trainings for their workforce.
- Collaborative Partnerships:
- Pittsburgh Central Keystone Innovation Zone (PCKIZ) builds connections between education institutions, businesses, and nonprofits in the region. Through partnerships with organizations within the zone, businesses may gain access to funding opportunities or initiatives that support workforce development and sustainable job creation.
For a business in Pittsburgh or surrounding Appalachia, securing funding for sustainable jobs and projects requires a proactive approach. Explore the combination of funding sources listed above, aligning your business objectives with the interests and priorities of the local funding providers and solutions listed. By building a well-rounded financial footing, your business will continue to provide great jobs and salaries in the region.
If you or your business would like to discuss a tailored strategy to help you fund your goals, please reach out to John Short for more information on membership and benefits available through the CSB.