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Providing the Means for Dreams |
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Washington County Council on Economic Development |
About the Program |
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Pennsylvania Works! Provides commercial loans of 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 that have a customer base outside the region and bring new revenues to the local economy. Requires Adobe Reader© |
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· The program provides secondary financing, up to 40 percent of 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 and retention. Borrowers must agree to place low-income QUALIFIED residents in 30 percent of all positions under Pennsylvania Works! · Funded by: United States Department of Agriculture, Rural Development; Local Initiative Support Corporation; Washington County Council on Economic Development |
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PA WORKS provides for initiatives to grow industry in the region |
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To contact us: |
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PENNSYLVANIA WORKS |
