The Northwest Commission was awarded $5 million in U.S. Economic Development Administration CARES Act Recovery Assistance funding to capitalize and administer a Revolving Loan Fund. Loan proceeds can be used to provide capital for operating expenses or acquisition of COVID-19 related machinery and equipment. Requested loan amounts can be between $5,000 and $500,000 with interest rates fixed at 0% for the term of the loan and first 12 payments deferred.
“Providing capital to businesses quickly was important to EDA and utilizing existing Economic Development Districts was the best way to do that,” said Northwest Commission Executive Director Jill Foys.
To be eligible, small businesses must have been formed and operational at least nine months prior to applying. The application process has been streamlined and staff capacity added to administer the program. Some parameters of traditional EDA funding have been expanded, including 100% financing on projects. Loans will still need to meet credit worthiness and be properly collateralized.
For more information or to apply, contact Jacob McCord-Wolbert at (814) 677-4800 ext. 112 or at firstname.lastname@example.org.
This article was published in the Venango Chamber’s November 2020 VenangoWorks! Newsletter.