Banking On Business

BOB Forms & Resources

BOB Update

The 2017 funding round will reopen at 9 a.m. on Friday, Oct. 6, with the $300,000-per-member limit lifted, making remaining funds available on a first-come, first-served basis until they are exhausted. Read more about the 2017 funding round.

Need More Information?

Contact Kate Swanson at 800-288-3400, ext. 7350, or kate.swanson@fhlb-pgh.com


Current BOB Members

A list of members enrolled in BOB.

What is Banking On Business?

Delivered through FHLBank Pittsburgh members, Banking On Business (BOB) funding helps eligible small businesses that lack sufficient equity or cash flow meet lending standards. Funding is:

  • Offered in the form of a secondary loan up to $200,000
  • Available to members enrolled in the program

On average, each BOB dollar FHLBank Pittsburgh contributes leverages $6 in financial resources to small businesses in the region.

How Does BOB Benefit Members?

FHLBank Pittsburgh members benefit from BOB in a variety of ways:

  • Serves as gap financing to make small business deals bankable
  • Integrates with existing commercial underwriting; no additional underwriting required 
  • Creates new business relationships and cross-selling opportunities 
  • Provides additional fee income on the BOB loan 
  • Qualifies for Community Reinvestment Act credit 
  • Strengthens the local economy by helping to create and retain jobs

What Qualifies for BOB Funding?

BOB funds may be used in financing the startup or expansion of a small business, including:

  • Building purchase 
  • Land acquisition and construction 
  • Facility expansion 
  • Machinery and equipment purchase 
  • Leasehold improvements 
  • Permanent working capital 
  • Closing costs

All grants are in the form of recoverable assistance with specific repayment terms. Each transaction must meet the following guidelines:

  • The business must qualify as a small business based on SBA size standards.
  • One job must be created or retained for every $35,000 in BOB funds, or other economic impact must be demonstrated.
  • The amount of BOB financing must be equal to or less than the $200,000 maximum.
  • The total BOB financing must not exceed 50% of the member loan, except in cases when the member uses a public loan guarantee program. In such cases, BOB will provide up to 50% of the remaining exposure of the member. 
  • The member must provide a loan of at least 40% of the total project cost. 
  • The member must show that the loan would not have been made without BOB financing. 

How to Apply

To apply for BOB funds, members:
 
  • Submit a one-time Enrollment Form and Master Agreement to access the BOB product
  • Once enrolled, submit registration forms during open funding rounds to request BOB funds on a first-come, first-served basis for qualified businesses. Funds are initially limited to a cumulative maximum of $300,000 per member. Six months after the round opening, the cap will be lifted and any remaining funds will be re-pooled and made available again to all members.

The Community Investment Department can assist you in completing a business registration and any supplemental forms, and in explaining the responsibilities of each party involved in the BOB program. 

BOB Success Stories

See examples of BOB businesses that have had a beneficial impact on their communities.
BOB Brochure - High-level brochure for members, borrowers and interested parties
Customizable BOB Brochure - Version of BOB brochure formatted for members to add their own logo and contact information

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