Business Are Encouraged to Apply
The Chester County Economic Development Council (CCEDC) is urging businesses of all sizes to take advantage of a fixed interest rate of 5.5% through the Pennsylvania Catalyst Loan Fund.
“The deadline is quickly approaching, and we want to be sure that businesses of all sizes have an opportunity to get their projects funded and take advantage of these very attractive rates,” said Mike Grigalonis, CCEDC’s President and COO.
CCEDC is administering the state-funded program with loans typically ranging from $50,000 to $500,000, but in some cases, they can go higher across a range of industries and business sizes, according to Chris McHenry, CCEDC Vice President of Development Finance.
“We’ve closed 24 loans so far – and counting – while providing direct technical assistance to help borrowers qualify for financing,” said McHenry. “Any qualified business in Chester County is eligible, and we can provide half of the financing for your projects.”
Businesses are encouraged to complete the loan application as soon as possible since funds are limited. If approved, matching funds may be provided by a business’s current financial institution or CCEDC’s coalition of 13 banks and credit unions that will review loans. So far, funds have been used for working capital, inventory, workforce development, equipment and much more. A return on that investment can take many months, and a Pennsylvania Catalyst Loan can help bridge the gap. Working capital funds can also be spent on items like vehicle upgrades, advertising, building supplies and renovations.
Pennsylvania Catalyst Loans require a match with a partner lender, with borrowers providing equity up to 20%. Loan terms are up to five years. For questions and assistance or to request a loan application, contact CCEDC Vice President of Development Finance Chris McHenry at cmchenry@ccedcpa.com.