HARRISBURG — The Pennsylvania Industrial Development Authority (PIDA) has opened a loan program for small businesses that have been affected by the COVID-19 outbreak.
Through the COVID-19 Working Capital Access program, loans of up to $100,000 will be available to small businesses with 100 or fewer employees, said State Sen. John R. Gordner, R-27.
The program provides critical working capital financing to small businesses located within the commonwealth. Interest rates on these loans will be 0% and there will be no application fees or payments necessary for the first year of the loan. More information about the program can be found at: https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/.
“Small businesses are the backbone to our economy and many of them across the state have been hit hard by the COVID-19 crisis,” Gordner said. “I would encourage them to take advantage of this crucial program and to apply through their local economic development office.”
All loans must be submitted through a Certified Economic Development Organization (CEDO). The CEDO for Columbia, Montour, Northumberland and Snyder Counties is SEDA-COG.
The contact there is Doug Wilburn at email@example.com. The CEDO for Luzerne County is Northeastern PA Alliance. The contact person is David Nat at firstname.lastname@example.org. For the list of all CEDO’s operating in Pennsylvania, please access: https://dced.pa.gov/cedo/
PIDA normally provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of CEDOs that partner with PIDA to administer the program.