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CREDC provides SBF loans to eligible projects located in Cumberland and Dauphin Counties. THE SMALL BUSINESS FIRST program is designed to
stimulate the expansion and assist in the retention of small businesses
for the purpose of creating new jobs and retaining existing jobs. SBF
provides low-interest loan financing for a portion of the costs of
land, building, machinery and equipment, and working capital to businesses
unable to fully finance these projects with equity, bank financing,
or other private and public sources. CREDC prefers that the company
or principals contribute equity toward the total project. The client
should be working with a financial institution or other source of investment.
Applications for SBF eligible projects in Cumberland & Dauphin Counties MUST be submitted through CREDC. For assistance with SBF financing for projects located elsewhere in Pennsylvania, contact the PA Department of Community and Economic Development at (866) 466-3972.
Eligible Businesses
Businesses with 100 employees or less engaged in:
- Manufacturing
- Industrial
- Hotels/motels, Restaurants (in business for 5 years
with 5 or more full-time employees)
- Research and Development Enterprise
- Defense Conversion
- Recycling
- Computer-related Service Enterprise
- Construction Enterprise
- Child Day-Care
Eligible Uses
- Land acquisition and related costs
- Building acquisition, construction, rehabilitation,
and related costs.
- Machinery and Equipment
- Working capital
Amounts
- $200,000 or 50% of total project cost, whichever is
less
- $100,000 or 50% for working capital, whichever is
less
Terms
- 4.00% interest rate
- Up to 15 year term for real estate
- Up to 10 year term for machinery & equipment
- Up to 3 years for working capital
- One job created or retained for every $25,000 borrowed
Fees
- $500 application fee
- 1.50% commitment fee
- $900 document preparation fees
If you have any questions on the loan process or the
loan program contact Melissa McLaughlin at 717.213.5042 or mmclaughlin@hbgrc.org
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