Over $1 million in grants from the state will create a new small business loan pool in Crawford County.
The Crawford County Economic Development Alliance was awarded a $1,122,500 grant from the State of Pennsylvania through the State Small Business Credit Initiative (SSBCI).
Pennsylvania is providing local economic development partners like EPACC with $246.8 million in American Rescue Plan funding to directly help small businesses, Gov. Tom Wolfe said.
The State of Pennsylvania distributes funds equitably so that eligible businesses in all 67 Pennsylvania counties have access to loans or direct equity investments, taking into account demographic data and the organizations serving each county. I said that it is.
EPACC is one of a total of 21 organizations and one of 12 economic development companies throughout Pennsylvania to receive this type of funding.
The application process is expected to begin by Oct. 17, according to the state.
Program guidelines are still being worked out, but EPACC Executive Director Jim Becker said there is a large pool of capital available for business and that money will stay in Crawford County.
“With this new source of funding, we will create a self-sustaining loan program that will provide low-interest-gap funding to businesses that demonstrate investment in their communities while creating and retaining jobs,” Becker said.
“We expect eligible projects to include equipment purchases, land and building acquisitions, renovations, and new construction projects,” he said. “Once the loan is repaid, the funding pool will be replenished and we will be able to fund additional projects in the future.”
The Pennsylvania Department of Community and Economic Development is responsible for distributing funds to eligible economic development partners, such as EPACC, which manages funds for eligible businesses.
