Areas Served: City of Chester
The purpose of the Chester Small Business Loan Program is to expand economic opportunities and create or retain employment for low to moderate income persons and to promote the growth and development of existing and new business and industry in the City of Chester, Pennsylvania.
Eligible Uses Acquisition of land and building, building construction, leasehold improvements, building rehabilitation, machinery and equipment, training costs and working capital.
Loan Amounts 50% of project coSt. Minimum loan is $5,000.00. Maximum loan based on source of funding (e.
g.
CDBG funded loan maximum is $100,000.00) Terms Loan terms will be based on the use of funds and can range from one (1) year to fifteen (15) years.
Interest Rate Fixed rate of three (3) percent.
Job Creation One new full time equivalent job for each $25,000.00 of loan funds must be created.
For CDBG funded loans recipient must agree that 51% of all jobs created will be held by or made available to low to moderate-income individuals.
Contact InformationChester Economic Development Authority
Address: 35 East 5th Street
City: Chester
State: Pennsylvania
Website:
http://www.ceda.cc/
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