A state grant of more than $1 million will create a new pool of small business loans in Crawford County.
The Economic Progress Alliance of Crawford County received a grant of $1,122,500 from Pennsylvania through the State Small Business Credit Initiative (SSBCI).
Pennsylvania is providing $246.8 million in U.S. bailout funding to local economic development partners like EPACC to directly help small businesses, Gov. Tom Wolf said.
The state said the money was distributed equitably, taking into account the demographics and organizations serving each county to ensure eligible businesses in Pennsylvania’s 67 counties had access to loans or direct equity investments.
EPACC was one of 21 total entities and one of only 12 economic development corporations in Pennsylvania to receive this type of funding.
The application process is expected to open by Oct. 17, according to the state.
Although program guidelines are still taking shape, Jim Becker, executive director of EPACC, said it was exciting to have a large pool of capital available to businesses and the money would stay in Crawford County. .
“With this new source of funding, we will create a stand-alone loan program that will provide low-interest financing to businesses that invest in our communities while creating and maintaining jobs,” Becker said.
“We expect eligible projects to include equipment purchases, land and building acquisition, renovations and new construction projects,” he said. “As the loans are repaid, the pool of funds will be replenished, allowing additional projects to be funded for years to come.”
The Pennsylvania Department of Community and Economic Development is responsible for distributing funds to eligible economic development partners like EPACC, which will administer funding to eligible businesses.