COVID-19 Working Capital Access Program Guidelines
The Pennsylvania Industrial Development Authority (PIDA) Board of Directors took action on March 23rd to make $61 Million available for working capital loans to small businesses across Pennsylvania. Small businesses are defined as for-profit businesses with fewer than 100 employees (WORLDWIDE) at the time of application. Restaurants and other businesses determined to be “most vulnerable” are primary targets of the program. Beyond restaurants, there is no definition of “most vulnerable.” While not specified in the guidelines, the interest rate will be 0% except for Ag Producers, which shall have a rate of 2%.
All applications need to be submitted by and through a certified area loan organization, which in the case of Franklin County is the Franklin County Area Development Corporation (FCADC). Please be advised that the FCADC staff is working remotely, consequently there will likely be some logistical challenges associated with the loan packaging but they will be doing the absolute best that they can.