Northwest News- Business Finance, February

The Northwest Commission Loan Review Committee approved financing for the following businesses:

  • Cox & Kanyuck Electric, LLC of Crawford County; and
  • Precision Crane, LLC of Crawford County.
Loan Funds Available

The Business Financing Program currently has funds available for land and building acquisition, construction and renovation projects, as well as new or used machinery and equipment purchases and working capital. Loan interest rates are fixed for the term of the loan and begin at 4.25%. For more information contact Rebecca Beach, Loan Program Manager, at (814)677-4800 x115 or rebeccab@northwestpa.org.

SSBCI Program

On October 17, 2022, the Northwest Commission’s Business Financing Department began accepting loan applications for the new Pennsylvania State Small Business Credit Initiative (“PA-SSBCI”) program. Loan funds are available to finance the purchase of real estate, machinery, equipment, furniture and fixtures as well as working capital for small businesses located within the eight-county region of Northwestern Pennsylvania, including Clarion, Crawford, Erie, Forest, Lawrence, Mercer, Venango, and Warren. Businesses may apply for up to 50% of the total project costs for qualified loan amounts between $5,000 and $100,000.  The interest rate is 4.25% fixed for completed applications received through March 31, 2024.

For eligibility questions and/or to apply, please contact Rebecca Beach at (814)677-4800 x115 or rebeccab@northwestpa.org.

DCED Funding Opportunities

The Department of Community and Economic Development (DCED) offers funding programs to help businesses by providing capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural producers & processors and employers looking to establish national or regional headquarters in Pennsylvania. The Northwest Commission, a Certified Economic Development Organization, partners with DCED to help businesses apply to the Commonwealth for financing. For additional information on financing through DCED, please contact Rebecca Beach at (814)677-4800 x115 or rebeccab@northwestpa.org.