Community Economic Development Loan Program  (CED)

Provide assistance to start-up and fledgling businesses to be successful in providing products or services to communities previously un-served or underserved.

An eligible small business enterprise is a for-profit  corporation, limited liability company, partnership, proprietorship, or other business entity having 100 or fewer total full-time employees that is involved in the business-to-public service, mercantile, commercial, or point of sale retail sectors that are located in a targeted area of Pennsylvania.

In order to receive a loan under this program, a small business enterprise must demonstrate a positive direct impact on the community in which it is located, on residents of that community, or on the local and/or regional economy. The criteria found in Section II (D) of the guidelines are established to assist small business enterprises in making this demonstration.

Most legitimate business costs are eligible for funding.

$100,000 or 50% of eligible costs, whichever is less.

Commenced projects will not be funded. However, DCED recognizes the long lead times involved in acquiring, constructing, or renovating land and building and acquiring machinery and equipment. Therefore, the applicant may request a "non-prejudicial approval" from DCED that allows the applicant to continue the project without jeopardizing the status of the application. However, the applicant is cautioned that he/she is proceeding at his/her own risk.

Businesses receiving loans must agree to retain jobs in existence at the date of the application.

• 2% per annum; flexible terms

• personal guarantees will generally be required

• other loan terms and conditions will vary as the project dictates

• $250 packaging fee due Economic Progress Alliance
• $550 application fee due to the NW Commission

Negotiable

Please contact Larry Morgan for full details and assistance.