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SEDA Council of Governments > SEDA-COG Finance > SEDA-COG Revolving Loan Funds
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 SEDA-COG Revolving Loan Funds

Eligible Applicants

For-profit small businesses involved in manufacturing, industrial enterprises, or advanced technology.  Professional services and business-to-business related enterprises also qualify.  Businesses with more than 100 employees may qualify.

 

Eligible Use

EDA RLF: Land acquisition, acquisition of existing building, machinery & equipment, working capital, and certain soft costs.

ARC RLF: Land acquisition, site improvements, acquisition of existing building, building renovation, leasehold improvements, new construction, machinery & equipment, working capital, and certain soft costs.

 

Loan Amount

$250,000 or 50% of the eligible project costs, whichever is less for the EDA Revolving Loan and $200,000 or 50% of the eligible project costs, whichever is less for the ARC Revolving Loan. 

 

Interest Rate

The current rate is 4.00% fixed for the life of the loan. This rate is good for loans approved by SEDA-COG through March 31, 2017, at which time the rate will be adjusted based on the 10-year treasury rate + 1.50%.

 

Term

Three (3) years for working capital; up to ten (10) years for machinery and equipment; up to fifteen (15) years for real estate.

 

Equity Requirements

For existing businesses (more than two years of operations), borrower must provide a minimum of 10% of the project cost.  For start-ups or changes in ownership, borrower may be required to provide 15% of the project cost.

 

Job Criteria

One job to be created or in some cases retained for every $25,000 of Revolving Loan funds in the project within three years of disbursement.

 

Fees
SEDA-COG charges a 1% commitment fee, a 1% closing fee, and a minimum $500 legal fee.

If you feel that you meet these requirements, and your business is located (or will be locating) in one of the following counties in Pennsylvania:

Centre Lycoming Perry *
Clinton Mifflin Snyder
Columbia Montour Union
Juniata Northumberland

* Not available for EDA RLF

and are interested in exploring how this loan program can assist you, please fill out this form, and we will get back to you as soon as we can. You can also contact us through e-mail, although for serious inquiries, please complete the form.