Stroudsburg – The Pocono Mountains Economic Development Corporation (PMEDC) in conjunction with the Monroe County Commissioners, announced the approval of 59 loans to Monroe County small businesses today. Loan amounts are ranging from $5,000 to $20,000.
PMEDC received a total of 80 applications for over $1.1 million in requests. The program was oversubscribed by over $510,000, demonstrating the devastating impact of the COVID-19 virus and the tremendous need in the business community.
“The program was conceived to assist COVID-affected Monroe County businesses that have not received financial assistance from other sources therefore, businesses who received assistance from one of these programs were not eligible to receive funds through this program,” commented Sharon Laverdure, Chairperson of the Monroe County Board of Commissioners.
Chuck Leonard, PMEDC Executive Director added, “This has been a very complex process. We wanted to help as many businesses as possible, so it took some time to evaluate all the applications. We certainly appreciate everyone’s patience and understanding. The loan closings will happen as quickly as possible.”
PMEDC anticipates that there likely will be additional funding for businesses that are still in need. Any interested for-profit small businesses can visit www.pabusinessgrants.com for more information.
Information on available assistance will also be available on PMEDC’s website at http://www.pmedc.com/covid-19-business-resources/.
PMEDC is the certified economic development organization serving Monroe County and is responsible for business attraction and retention, business financing, industrial park development and infrastructure projects with the goal of supporting the retention and creation of jobs for Monroe County citizens.