HARRISBURG – The Pennsylvania Industrial Development Authority (PIDA) approved funding this week to provide $61 million in low-interest loans to statewide small businesses impacted by the COVID-19 public health emergency, according to State Senator Doug Mastriano (R-33).
Loans of up to $100,000 will be available through the Pennsylvania Commonwealth Financing Authority (CFA) for small businesses with 100 or fewer full-time employees to use as working capital. In addition to a low interest rate, there will be no application fees, and the terms will include no payments and no interest during the first year of the loan.
“Small businesses are the heart of Pennsylvania’s economy – this important funding will help entrepreneurs overcome the financial difficulties of this pandemic,” said Mastriano. “I will continue to work with lawmakers and the administration on efforts to help our small businesses during the COVID-19 outbreak.”
Funding for the program was made possible by the CFA’s transfer of $40 million to the PA Industrial Development Authority. That money will be combined with existing funds in PIDA’s Small Business First Program to provide low-interest loans to small businesses.
According to Mastriano, the Industrial Development Authority’s priority is to ensure the turnaround time for loan approval can be a matter of days. More details will follow as soon as the information is available.
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