Harrisburg, PA – September 26, 2023 – The Capital Region Economic Development Corporation (CREDC) is thrilled to announce that two esteemed local businesses, Latino Connection, LLC and Idea, LLC / Lonely Monk Coffee Roasting, LLC, have successfully secured essential financing through the Pennsylvania Catalyst Loan Fund. These recent developments exemplify the program’s commitment to fostering local economic growth and enabling businesses to thrive.
On August 16, George Fernandez, President & CEO of Latino Connection, LLC, closed on a $250,000 loan to facilitate the renovation of newly acquired real estate located at 940 East Park Drive, Harrisburg. This 5-year loan, provided through the State Small Business Credit Initiative (SSBCI), features a fixed interest rate of 4.75% and is amortized over 25 years, with a balloon payment at the end of 5 years.
On September 11, Joshua Willits, Owner of Idea, LLC and Lonely Monk Coffee Roasting, LLC, successfully secured a $97,000 loan to acquire Bagel Lovers Cafe, situated at 2237 Paxton Church Rd, Harrisburg. Like the previous loan, this 5-year SSBCI loan offers a fixed interest rate of 4.75%, with an amortization period of 10 years and a balloon payment due at the end of 5 years.
Administered through the Chester County Economic Development Council, the Pennsylvania Catalyst Loan Fund provides term loans that can be utilized for machinery and equipment, refinancing, working capital, real estate purchase, and construction, all subject to SSBCI federal and state guidelines. One of the key advantages of this program is its fixed interest rates, which are offered below prevailing bank rates, making it an attractive option for businesses seeking financing.
Priority consideration is given to diverse business owners, those located in disadvantaged areas, and businesses with 10 employees or less. In Cumberland, Dauphin, and Perry Counties, applications for the Pennsylvania Catalyst Loan Fund are packaged and underwritten by CREDC, ensuring accessible access to financing for local businesses.
“We are delighted to witness the success of Latino Connection, LLC, and Idea, LLC / Lonely Monk Coffee Roasting, LLC, in securing financing through the Pennsylvania Catalyst Loan Fund,” said Anita Weikel, Lending Officer at CREDC. “These loans will enable these businesses to embark on expansion plans, fueling job creation and contributing to the economic vibrancy of our region.”
For more information about the Pennsylvania Catalyst Loan Fund and how it can benefit your business, please contact Anita Weikel, Lending Officer at CREDC, at 717.213.5036 or via email at aweikel@hbgrc.org.
###
About Harrisburg Regional Chamber & CREDC:
Harrisburg Regional Chamber & CREDC serves as a catalyst for promoting growth and quality of life in Cumberland, Dauphin, and Perry Counties through bold leadership, visionary members, and powerful results. Building on its 136-year history, the organization provides a unique blend of business, community/economic development, and advocacy services under one roof to boost economic vitality and livability across the region. The Chamber & CREDC is 5-star accredited by the United States Chamber of Commerce, a distinction achieved by less than five percent of chambers across the nation.
The Capital Region Economic Development Corporation (CREDC) is the economic development arm of the Harrisburg Regional Chamber and is the leading organization for promoting and performing economic development activities in Cumberland, Dauphin, and Perry counties. The group offers a variety of programs and resources to help attract, retain, and expand business in the region. CREDC is a certified lender in Cumberland, Dauphin, and Perry counties.
###
