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