New small business loan program available

**UPDATE** As of Tuesday, 3/31/20, this program has closed for applications pending additional funding.

 

Governor Tom Wolf has announced a new loan program designed to help small businesses impacted by COVID-19.  The Pennsylvania Industrial Development Authority (PIDA) is administering the program through funding from the Commonwealth Financing Authority, making $60 million dollars available for loans up to $100,000.

For-profit retail/service businesses and agricultural producer businesses located in the Commonwealth that have 100 or fewer full-time employees are eligible to apply for the new loan program.

The loans are for working capital needs and will be at a zero percent (0%) interest rate, except for agricultural producers, which will be at two percent (2%). No payments are due for the first year. Additional program details can be found here: https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/

For information on how to apply for the program, contact Jamie Colecchi, Director of Operations and Development at 724-565-5637 or jcolecchi@monvalleyalliance.org.