Areas Served: Lawrence County
The Lawrence County, Pennsylvania Economic Development Corporation Revolving Loan Fund (LCEDC RLF) provides low-interest financing for land and building acquisition and construction, machinery and equipment purchases, and working capital to businesses unable to fully finance these projects with equity, bank financing, or other private and public sources.
Eligible Applicants Any project except mercantile, commercial, or retail operations or personal or professional services.
Eligible applicants include, but not limited to, business-to-business enterprises, industrial enterprise, manufacturing enterprises, research and development, export and computer related services.
Eligible Uses of Funds Land and building acquisition and construction, machinery and equipment purchases and upgrades and working capital needs.
Limitations The maximum loan amount for land and building acquisition and construction, and machinery and equipment purchases and upgrades is $100,000 or 50% of the total project cost, whichever is less.
The maximum loan amount for working capital is $50,000 or 50% of the total project cost, whichever is less.
At least one full-time job must be created or preserved within three years from the completion of the project for each $35,000 borrowed.
Conditions The LCEDC’s Loan Review Committee must approve all loan applications.
Rates and Terms Interest rate shall be set at 75% of prime as reported by The Wall Street Journal, fixed at time of commitment.
Five-year term for working capital, 7-year term for machinery and equipment, and 10-year term for land and building
Contact InformationLawrence County Economic Development Corporation
Address: 100 East Reynolds Street
City: New Castle
State: Pennsylvania
Website:
http://www.lawrencecounty.com/Regional-Business-Financing.htm
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