Areas Served: Centre, Clinton, Mifflin, Juniata, Perry, Snyder, Union, Lycoming, Montour, Northumberland and Columbia Counties.
Eligible Applicants For-profit small businesses involved in manufacturing, industrial enterprises, or advanced technology.
Businesses with more than 100 employees may qualify.
Eligible Use Land acquisition, site improvements, acquisition of existing building, building renovation, leasehold improvements, new construction, machinery & equipment, working capital, and certain soft costs.
Loan Amount $100,000 or 33% of the eligible project costs, whichever is less for the EDA Revolving Loan and $100,000 or 50% of the eligible project costs, whichever is less for the ARC Revolving Loan.
Intrest Rate Sixty (60), eighty (80), and one hundred (100) percent on a fixed graduated scale of Wall Street Journal Prime at time of commitment.
However, at no time can the rate be lower than 4%.
Term Three (3) years for working capital; seven (7) years for machinery and equipment; 10 years for real estate.
Equity Requirements For existing businesses (more than two years of operations), borrower must provide a minimum of 10% of the project coSt. For start-ups or changes in ownership, borrower may be required to provide 15% of the project coSt. Job Criteria One job to be created or in some cases retained for every $25,000 of Revolving Loan funds in the project within three years of disbursement.
Fees SEDA-COG charges a 1% commitment fee, a 1% closing fee, and a minimum $500 legal fee.
If you feel that you meet these requirements, and your business is located (or will be locating) in one of the following counties in Pennsylvania: Eligible Areas: Centre, Clinton, Mifflin, Juniata, Perry, Snyder, Union, Lycoming, Montour, Northumberland and Columbia Counties.
Contact InformationSEDA – Council of Governments
Address: 201 Furnace Road
City: Lewisburg
State: Pennsylvania
Website:
http://www.seda-cog.org/finance/Pages/SEDA-COG%20Revolving%20Loan%20Funds.aspx
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