Applications Now Being Accepted for New Small Business Low-Interest Loan Program
March 26, 2020
Small businesses impacted by the COVID-19 public health emergency can apply now for low-interest state loans, according to state Sen. Judy Ward.
The COVID-19 Working Capital Access Program will feature a low interest rate, no application fees, and payments and interest waived during the first year of the loan. Loans of up to $100,000 will be available for small businesses with 100 or fewer full-time employees to use as working capital.
“These are challenging times, and it is my hope that this assistance will provide some much-needed relief to our small businesses, which are the lifeblood of our communities” Ward said.
The program will be administered by the Pennsylvania Industrial Development Authority, which said it intends for the turnaround time for loan approval to be a matter of days. Additional information on the program is available at https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/.
Business owners who are interested in applying should contact their local Certified Economic Development Organization (CEDO). A list of CEDOs is available at https://dced.pa.gov/cedo/