State Small Business Credit Initiative (PA-SSBCI)
Maximum Loan
- This loan program will finance up to 50% of total eligible project costs up to $100,000 (minimum $5,000)
Eligible Uses
- Land & Building Purchases
- Machinery & Equipment Purchases (new or used) and related expenses
- Working Capital
Terms
- Land & Building Purchases- up to 15 years
- Machinery & Equipment- up to 10 years
- Working Capital- 3 years
Rates
- Revolving loan fund financing is available to eligible small businesses with interest rates starting at 4.00% fixed for the term of the loan. Rates may change based on the prime rate of interest
Collateral
- Loans are secured by lien positions on collateral at the highest level of priority to accommodate the borrower's ability to raise debt and equity capital
- Generally personal guarantees and assignment of life insurance are required on principals
Jobs
- The creation or retention of one full-time job per every $50,000 in borrowed funds
Fees
- $450 fee is due with the executed commitment letter
- At closing, borrower must pay a closing fee equal to 1% of the loan
- The commitment and closing fee shall not exceed 2% of the loan
- No annual or servicing fees
- No prepayment penalty on Northwest Commission Revolving Loan Funds