Senator John R. Gordner E-Newsletter

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Financial Assistance to Small Businesses Now Available

The Pennsylvania Industrial Development Authority (PIDA) has opened up a loan program for small businesses that have been negatively 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.  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/.

Because small businesses are the backbone of our economy and many of them across the state have been hit hard by the COVID-19 crisis, 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 570-524-4491 or email: dwilburn@seda-cog.org. The CEDO for Luzerne County is Northeastern PA Alliance. The contact person is David Nat at 570-655-5581 or email: dnat@nepa-alliance.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.

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