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UWCHLAN TOWNSHIP — There is still money available through the Pennsylvania Catalyst Loan Fund to help businesses finance their projects.
The Chester County Economic Development Council, which administers the state funding program, is encouraging businesses to apply for the opportunity to earn a fixed 5.5% interest rate through the program before all funds are allocated.
At the end of February, the Economic Development Council reported that about $1.4 million of the fund’s original $20 million was still available, according to a press release.
“Companies of all sizes have the opportunity to finance projects and take advantage of these very attractive interest rates,” Mike Grigaronis, chairman and chief operating officer of the Chester County Economic Development Council, said in a statement. We want to secure it,” he said.
Pennsylvania Catalyst Loan Fund serves nine counties in southeastern and central Pennsylvania, including Berks, Bucks, Chester, Cumberland, Dauphin, Delaware, Lebanon, Montgomery, and Perry Counties It was established in September 2022 to We provide small loans to non-traditional borrowers who may not have access to loan funds.
This program typically offers loans ranging from $50,000 to $500,000. But in some cases, loan amounts can be higher across a variety of industries and business sizes, said Chris McHenry, vice president of development finance for the Chester County Economic Development Council.
The Economic Development Council said businesses are encouraged to complete loan applications as soon as possible as funds are limited. Pennsylvania Catalyst Loans require borrowers to be matched with a partner lender who provides up to 20% equity. The maximum loan period is 5 years.
So far, the funds have been used for working capital, inventory, workforce development, equipment and more. It can take months to recoup that investment, and Pennsylvania Catalyst Loans can help fill that gap. Working capital can also be spent on items such as vehicle upgrades, advertising, building materials and renovations, according to the release.
If you have questions or need assistance, businesses should contact the appropriate county’s certified economic development agency.
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