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 Centre County Economic Development Loan Fund

Eligible Applicants

Priority will be given to manufacturing entities; however, projects will be considered on a case-by-case basis by the Loan Review Committee.  Hospitality and service industries are not eligible.

 

Eligible Use

Land acquisition, site improvements, acquisition of existing building, building renovation, leasehold improvements, new construction, machinery & equipment, and working capital.

 

Loan Amount

Up to $100,000 or 50% of the total eligible project cost, whichever is less.

 

Interest Rate

Interest rates on loans are established at the time of approval.

 

Term

One (1) to three (3) years for working capital; five (5) years for machinery & equipment; five (5) years (10 year amortization) for real estate.

 

Equity Requirement

Borrowers are required to contribute to the project cost; amount of equity is determined as part of the loan review process.

 

Job Criteria

One job to be created or in some cases retained for every $50,000 of Centre County funds in the project within three years of disbursement.

 

Fees
The Chamber of Business and Industry of Centre County charges a $100 application fee and a 1% commitment fee.

If you feel that you meet these requirements, and your business is located (or will be locating) in Centre County, please contact the Chamber of Business and Industry of Centre County to apply for this loan program.