COVID-19 Working Capital Access Program (CWCA)

We are happy to announce that program guidelines for CWCA, a program supplying working capital to businesses negatively impacted by the COVID-19 pandemic, were approved by the PIDA (PA Industrial Development Authority) Board on March 23, 2020.  It is important to note, however, PIDA is not yet accepting applications.  Please check our resource page frequently.  We will announce when PIDA is ready to accept applications. 

Program Details*:

*Subject to change as implementation evolves

Access point for this program: CREDC is the Certified Economic Development Organization (CEDO) for Cumberland, Dauphin, & Perry counties and is your portal to this funding stream in those counties. 

Eligible Businesses: Any for-profit businesses located in PA and with 100 or fewer employees worldwide may qualify for disaster relief loans.  Your application must be processed through the CEDO designated for the county where your business is physically located. 

Loan Amount: The lesser of 3 months of working capital not to exceed a loan amount of $100,000

Interest Rate: 0% for all business types except Agriculture Producers

Amortization: 12 years

Term: 3 years

Repayment: No payment in first 12 months, amortized payments monthly for the following 24 months, one balloon payment for the remaining balance in the 37th month

Collateral: Blanket lien on all current business assets and any acquired in the future in first available lien position

Guarantors: All owners (individual or other business entities) owning 20% or more of applicant business must guarantee the loan.

Some credit criteria for approval (as evaluated by PIDA) may include:

  • At least breakeven performance in the prior year
  • Acceptable personal credit history of the guarantors
  • Historical cash flow adequate to pay obligations

Some items you should prepare for your application when the program opens include:

For the intended Borrower (Applicant Company, an Operating Company):

  • Company Profile Sheet (Click Here)
  • Signed W-9 (Click Here)
  • Signed Business Entity Certification (Click Here)
  • Most recent year financials (accountant prepared or filed tax return)
  • Interim Financials (income statement at least) prepared by management from last full year statements (see bullet above) through current
  • Debt Schedule (Click Here)

For the Guarantors (any owner, individual or business entity, with 20% or more interest in Borrower):

  • Signed Certification Sheet (for individuals Click Here, for business entities Click Here)
  • For individuals: A signed and dated Personal Financial Statement (Click Here for blank form or provide what you have already prepared) dated within last 12 months
  • For business entities: Most recent year of financial statements