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Providing the Means for Dreams |
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Washington County Council on Economic Development |
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Modernization spurs industrial growth in Washington County |
About the Program |
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The CDFI-Tech 21 Loan Program provides commercial loans up to $100,000 in the qualified Investment Area. The qualified Investment Area includes Greene, Fayette, and southern Washington Counties. The purpose of this financing is to encourage the creation and growth of firms engaged in manufacturing, advanced materials, biotechnology, infotech, and environmental technologies. Requires Adobe Reader© |
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· The program provides secondary financing, up to 40 percent of the total project costs, not to exceed $100,000. Loans are provided at an interest rate of 6 percent for a term not to exceed 10 years. The term of the loan is determined by the life of the asset or type of transaction financed. This program subordinates security to the participating bank. · Eligible uses of financing include: working capital; purchase of inventory; purchase order financing; acquisition of fixed assets; business acquisition; real estate acquisition; construction; repair or modernization; or leasehold improvements. · Borrowers must demonstrate job creation potential and agree to place low-income QUALIFIED residents in 30 percent of all positions created under the TECH 21 Loan Program. · Standard application required. · Funded by: United States Department of Treasury, Community Development Financial Institution; Pennsylvania Department of Community and Economic Development; Washington County Council on Economic Development |
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To contact us: |
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CDFI-TECH 21 LOAN FUND |
