Areas Served: Bucks County
The Bucks County Economic Development Corporation Revolving Loan Fund was created in 1983 as a result of the Federal Jobs Bill.
Funds were allocated by Housing and Urban Development (HUD) to Bucks County to be used for the purpose of creating jobs to combat a recession.
Bucks County allocated funds to the Economic Development Corporation to create a Revolving Loan Fund to help manufacturing businesses in Bucks county, Pennsylvania to expand.
Loans are made to companies which cannot obtain sufficient financing from private banks.
A majority of the new jobs must be taken by people from low- to moderate-income households.
Companies are encouraged to accept referrals from the Bucks County Office of Employment and Training.
Recipients of these funds are required to comply with the Davis-Bacon Act when new construction or renovations exceed $2,000. In addition, Federal Regulations require that the “necessary and appropriate” determination be made whenever Community Development Block Grant assistance of any form is provided directly to a for-profit entity.
Interest Rates and Term of Loan Terms and conditions are tailored to the needs of the company.
Interest rates are determined on a case-by-case basis and usually range one percentage point below prime (6% in the Enterprise Zone of Bucks County).
Terms are determined by the life of the asset, as follows:
Contact InformationBucks County Economic Development Corporation
Address: Two East Court Street
City: Doylestown
State: Pennsylvania
Website:
http://www.bcedc.com/index.php?option=com_content&view=article&id=90&Itemid=43
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