The Progress Fund

What The Progress Fund does

The Progress Fund is a Pennsylvania-based nonprofit community development financial institution (CDFI) headquartered in Greensburg that originates small business loans ranging from $20,000 to over $1,000,000 to entrepreneurs in the tourism sector. Its primary segments are restaurants, accommodations, attractions, outdoor recreation, local foods, wineries/breweries/distilleries, and retail businesses that serve travelers—particularly along the Great Allegheny Passage trail system in Western Pennsylvania and adjacent counties in Maryland and West Virginia. The Fund does not operate a software product; its underlying capability is underwriting and business-coaching expertise delivered by a 1–10 person staff, supplemented by referrals and co-lenders including Enterprise Bank, the U.S. Small Business Administration, the Pennsylvania First Industries Fund, the Pennsylvania Small Business Credit Initiative (PSBCI), and at least seven Pennsylvania Small Business Development Centers.

The Fund earns revenue principally through interest on its originated loan portfolio, supplemented by program service revenue and grant capital from state, federal, and foundation sources (notably a $4.05M CDFI Fund award dated April 10, 2023). Pricing is not rate-card based; each loan is customized to the borrower's cash-flow profile, often with seasonal payment structures for tourism businesses whose revenue fluctuates across the year. Go-to-market is sales-led and direct: the Fund markets through its website (progressfund.org), an email newsletter, Facebook/LinkedIn/Instagram, SBDC referral partners, and community/economic-development events, then originates loans in-house without intermediaries. Customer acquisition draws heavily on prior-borrower testimonials and SBDC introductions rather than paid acquisition.

Beyond lending, the Fund performs community-development real-estate work—most notably the 2014 development of the Hazelwood Brew House—and pairs its loans with free or low-cost business coaching, a "Get Loan Ready" resource program, and application support. The organization is led by President & CEO David Kahley and is governed by an independent Board of Directors, with no parent company or subsidiaries disclosed in available data.

Name

The Progress Fund

Legal name

The Progress Fund

Website

https://progressfund.org

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

The Progress Fund is a nonprofit CDFI headquartered in Greensburg, Pennsylvania that originates $20,000 to $1,000,000+ small business loans and coaching services to tourism-focused SMBs along the Great Allegheny Passage trail corridor in PA, MD, and WV.

Ownership category

akta.pro rank

Product category

Community Development Lending

NAICS

Other Grantmaking and Giving Services (813219)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Short-Term Business Credit Institutions (6153)

akta.pro industry

PRIMARYBPAGALAA

Impact Investing & Social Finance (Funds, CDFIs, Microfinance)

Business & Public Services/Nonprofit, NGO & Social Services/Social Enterprises & Impact Organizations

SECONDARYFSABAKAB

National/Regional Development Finance Institutions (DFIs)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Development & Public Sector Banking (DFIs, Postal/Savings Banks)

SECONDARYBPADABAM

Development Finance, Guarantees & Blended Finance Programs

Business & Public Services/International Organizations & Development/Bilateral Development Agencies & Aid Programs

Keywords

• Community development lending
• Small business loans
• Tourism business financing
• Nonprofit lending institution
• Trail town development

Headquarters

HQ city

Greensburg

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Loan Interest Revenue: The Progress Fund generates revenue through interest on small business loans ranging from $20,000 to over $1,000,000. As a nonprofit community development organization, they provide financing to tourism and small businesses that may not qualify for traditional bank financing.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

The Progress Fund is a nonprofit community development financial institution (CDFI) that provides small business loans ranging from $20,000 to over $1,000,000 to tourism-related businesses across Pennsylvania and neighboring regions. Loans feature flexible terms that accommodate seasonal cash flows and are accompanied by business coaching and technical assistance to support borrower success.

Product overview

The Progress Fund is a nonprofit organization offering a single unified product: small business loans ranging from $20,000 to over $1,000,000 for tourism-related businesses. The organization provides financing and business coaching to help people start, expand, or buy small businesses in the tourism sector. Their lending portfolio is organized across borrower categories including Accommodations, Attractions & Entertainment, Local Foods, Manufacturers, Outdoor Recreation, Restaurants, Retail, Schools, Services, and Wine, Beer & Spirits.

Differentiator

Problem solved

Functional benefit

Products and services

• Small Business Loans Loans ranging from $20,000 to over $1,000,000 for tourism-related small businesses, with flexible terms designed to accommodate seasonal cash flows and lower down payment requirements. Includes combined financing structures and is targeted at entrepreneurs whose businesses are typically declined by traditional banks.
• Business Coaching Technical assistance and coaching service provided to loan borrowers and tourism-related small business owners to help grow their businesses and successfully manage loan obligations.

Named customers5 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and supporting.

• Pennsylvania Small Business Development Centers (SBDC) NetworkcoreStrategic or Co-development PartnerThe Progress Fund partners with multiple SBDCs including Pennsylvania Statewide SBDC, Chatham University's Center for Women's Entrepreneurship, Clarion University SBDC, Gannon University SBDC, St. Vincent College SBDC, St. Francis University SBDC, and University of Pittsburgh SBDC to provide training, coaching, and business planning support to borrowers.
• North Central Pennsylvania Regional Planning and Development CommissionsupportingStrategic or Co-development PartnerRegional planning commission has worked with The Progress Fund on projects including Appalachian Arts Studio and Museum and Kane Manor Inn.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Mountain Association: A Eastern Kentucky-based nonprofit community development organization providing loans and technical assistance to small businesses in Appalachian communities. Directly comparable nonprofit CDFI lending and coaching model to underserved rural entrepreneurs.
• Invest Appalachia: An impact-investing platform focused on community development capital across the Appalachian region. Highly comparable geographically (PA-adjacent), mission-wise, and as a deployer of blended federal, foundation, and private capital to underserved communities.
• Community First Fund: A Lancaster, PA-based nonprofit CDFI providing small business loans, microloans, and coaching to underserved entrepreneurs in Pennsylvania. Closely comparable CDFI structure, geographic base, and SMB lending/coaching model.
• Coastal Enterprises Inc. (CEI): A Maine-based nonprofit CDFI providing small business loans, technical assistance, and community development financing in rural regions. Highly comparable business model focused on underserved rural/tourism-adjacent economies.
• Bridgeway Capital: A Pittsburgh-based CDFI providing loans and business coaching to small businesses in Southwestern Pennsylvania. Highly comparable to The Progress Fund given overlapping geography, similar nonprofit CDFI structure, and focus on underserved SMB borrowers.
• Natural Capital Investment Fund: A CDFI focused on rural Appalachian and Mid-Atlantic small business lending for natural resource-based and tourism-related enterprises. Comparable rural/tourism SMB lending specialization and nonprofit structure.
• Appalachian Community Capital (ACC): A CDFI intermediary serving Appalachian small businesses and lenders across 13 states including Pennsylvania. Comparable mission of deploying capital to rural trail and tourism economies via CDFI capitalization.

Broad incumbents

• TruFund Financial Services: A national nonprofit CDFI providing small business loans and capacity-building in underserved communities across multiple states. Comparable small business focus and blended public/philanthropic capital base, though broader geographic scope.
• The Reinvestment Fund: A larger Mid-Atlantic CDFI based in Philadelphia that deploys capital for community development, including small business, housing, and food-oriented enterprises. Comparable on mission, CDFI funding model, and Pennsylvania footprint, though much larger and more diversified.
• Self-Help Credit Union: A CDFI-certified credit union providing small business and community development lending primarily in the Southeast and Mid-Atlantic. Comparable mission and community development focus, though broader retail/banking operation alongside lending.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/TheProgressFund
• LinkedInlinkedin.com/company/the-progress-fund
• Instagraminstagram.com/theprogressfund

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Progress Fund