Covid-19 Pandemic- Loan Program – Lumber Heritage Region

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Covid-19 Pandemic- Loan Program

Written by Holly Komonczi

The North Central Pennsylvania Regional Planning and Development Commission has been awarded $1.76 million from the U.S. Department of Commerce Economic Development Administration (EDA) through the Coronavirus Aid Relief and Economic Security (CARES) Act to establish a new loan fund that provides low-cost, flexible financing to our regional businesses for projects that will prevent, prepare for and respond to the COVID-19 pandemic or economic injury caused by the COVID-19 pandemic. To promote economic recovery, growth and resiliency with a regional approach, an equitable allocation of $300,000 in available lending is committed to each of the six counties in our service region. Features of the EDA CARES Act RLF have been designed to make credit accessible and affordable: Finance fixed asset purchases and working capital. Loan payments deferred for the first 6 months at 0% interest. Fixed interest rates from .75% – 1.75%. Loan amounts up to $100,000. Loans up to $50,000 undergo an expedited review and approval process. RLF can function as a sole lender or be combined with bank and/or other sources of financing. Settlement fee of 1.5% of loan amount is waived. Credit Not Otherwise Available requirement is waived. For more information, please visit our website at: or contact: Jennifer Hibbard, Loan Program Director 814·773·3162 x3049