As FNB Corp. and the Pittsburgh Penguins work to redevelop the former Civic Arena site that will be anchored by a new FNB headquarters, the company Tuesday announced $7 million in other investments to improve the neighborhood.

A new $5 million gap lending program will provide loans of up to $400,000 so local businesses can expand or locate in the neighborhood. The Hill District Gap Lending Program is designed to help future projects in the area, FNB said. The idea is to serve low- to moderate-income and minority census tracts in the Hill District.

The bank is working with other organizations, including the Hill Community Development Corporation and Neighborhood Allies, to encourage businesses to participate.

FNB is also committing $2 million to the Urban Redevelopment Authority of Pittsburgh and its Invest PGH program, a spinoff that spurs community development by lending money to businesses that otherwise couldn’t borrow money. Another URA program that provides small contractors with a line of credit will also receive $1 million in funding from FNB.

“Our commitment to these initiatives, including our own new gap lending program, both extends FNB’s long history of service to the Hill District and affirms our plans for ongoing investment in this vibrant neighborhood,” said FNB Chairman, President and CEO Vincent J. Delie Jr.

Construction on FNB’s new headquarters is planned to start later this year, officials have said. It is part of an overall redevelopment of the neighborhood that’s been years in the making.

Last week, the developer on the project, the Buccini/Pollin Group, announced it was partnering with the Penguins to open the Lower Hill First Source Employment Opportunity Center in mid-May.

The center, located at the Hill House, will serve as a place where Hill District residents and business owners can learn about job opportunities associated with the project.

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