YORK – Small businesses impacted by the COVID-19 public health emergency can apply now for low-interest state loans, according to Senator Kristin Phillips-Hill.
The COVID-19 Working Capital Access Program will feature a low interest rate, no application fees, and payments and interest waived during the first year of the loan. Loans of up to $100,000 will be available for small businesses with 100 or fewer full-time employees to use as working capital.
“Small businesses are the backbone of our economy,” Phillips-Hill said. “I have heard from countless local small business owners and employees over the last two weeks and our message is simple: we will get through this pandemic together.”
The program will be administered by the Pennsylvania Industrial Development Authority, which said it intends for the turnaround time for loan approval to be a matter of days. Additional information on the program is available at https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/.
Business owners who are interested in applying should contact their local Certified Economic Development Organization (CEDO). A list of CEDOs is available at https://dced.pa.gov/cedo/.