Northwest Commission • 395 Seneca Street • Oil City, PA 16301
Phone: 814.677.4800 • Fax: 814.677.7663 •
Phone: 814.677.4800 • Fax: 814.677.7663 •
Pennsylvania Business
Financing Programs
(208 KB PDF)
MICROLOAN Program Details
(19.5 KB PDF)
For additional information please contact:
Daryl Coyne
Manager, Loan Programs
darylc@nwcommission.org
Maximum Loan
- 50% of total eligible project costs or $200,000, whichever is less.
Eligible Uses
- Land acquisition, preparation and associated expenses
- Building acquisition, construction, or renovation
- Machinery and equipment purchases (new or used) and related expenses
- Working Capital (major expansions only)
Terms
- Land & Building – up to 15 years
- Machinery and Equipment – up to 10 years
- Working Capital – 3 years
Rates
- Revolving Loan Fund (RLF) rate is four points below prime rate
(no less than 4%) - Small Business First (SBF) rate is presently 4%
(as set by the Secretary of the Commonwealth)
Fees
- Two percent of the Commission’s portion of the loan (minimum $1,500; maximum $2,500)
- Servicing fee of .5% on principal outstanding balance
- Loans $50,000
or less = total fee of $450
Other Financing
- RLF loans require a 1:1 private sector match. At least 10% must be injected by applicant.
- SBF loans require a 1:1 match
Eligible Applicant
- Manufacturing or Industrial Business
- Hospitality Enterprise
- Commercial & Service
- Child Day-Care Enterprise
- Agriculture Enterprise or Agriculture Producer
Collateral
- Must collateralize asset(s) financed
- Will subordinate lien position to bank
- Personal and corporate guarantees may be required
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