On Monday, the Pennsylvania Industrial Development Authority (“PIDA”) approved Monday $61 million in low-interest loans for the state’s small business owners, according Senator Scott Martin (R-13). According to the Senate release, loans of up to $100,000 will be available through the Pennsylvania Commonwealth Financing Authority for businesses with 100 or fewer full-time employees to use as working capital. In addition to a low interest rate, there will be no application fees, and the terms will include no payments and no interest during the first year of the loan. Martin said turnaround on loan approvals could be made in “a matter of days,” after the application period is opened. All PIDA loan applications will be required to be submitted through a Certified Economic Development Organization (CEDO). We expect that more information will be released on the program soon.
Contact either Lawrence Maiello or John H. Prorok of Maiello, Brungo & Maiello, LLP’s Business Law Team for guidance on determining if your business is eligible for a loan and for assistance in completion and submission of the loan application.