COVID-19 Working Capital Loan Program Available
Published on March 24, 2020
PMEDC is currently taking applications for the COVID-19 Working Capital Loan program from the PA Department of Community & Economic Development. COVID19WorkingCapitalAccess-Guidelines_2020 The available funds will likely go very quickly. Here are the basics:
- The Pennsylvania Industrial Development Authority will provide up to $100,000 to eligible small businesses at 0% interest with no payments due for 12 months after funding. Agricultural Producers will have a 2% interest rate.
- Small business is defined as a for-profit entity with 100 full time employees or less. Part time employees do not count.
- Repayment will be based on a 12 year amortization from the time of funding with a balloon payment after 3 years. Years 2 and 3 will be principle and interest payments based on the 12 year amortization.
- Loan program dollar amounts will be based on prior 3 months operating obligations. (Six months for Retail/Service enterprises)
- Funds can be used for working capital needs only
A Program FACT SHEET can be found here: COVID19-CWCALoan-FactSheet_2020
For downloadable supplemental documents click here:COVID-19 Supplemental Documents
PMEDC is the Certified Economic Development Organization (CEDO) for Monroe County and all applications will have to be submitted through our organization. Any questions can be directed to Chuck Leonard, Dennis Noonan or Michelle Bisbing.
