Economic Progress Alliance gets $1.1 million grant for local business loan pool
Sep. 17—A more than $1 million state grant will create a new small business loan pool in Crawford County.
The Economic Progress Alliance of Crawford County has been awarded a $1,122,500 grant from Pennsylvania through the State Small Business Credit Initiative (SSBCI).
Pennsylvania is awarding $246.8 million in American Rescue Plan funding to local economic development partners like EPACC to aid small businesses directly, Gov.Tom Wolf said.
The state said the money is being distributed equitably, taking population data and the organizations serving each county into consideration to ensure eligible businesses in all 67 Pennsylvania counties have access to either loans or direct equity investments.
The EPACC was one of 21 entities total and one of only 12 economic development corporations across Pennsylvania to receive this type of funding.
The application process is anticipated to open by Oct. 17, according to the state.
Though program guidelines still are taking shape, Jim Becker, EPACC's executive director, said it's exciting to have a large pool of capital available for business and the money will remain in Crawford County.
"With this new funding source, we will create a self-sustaining loan program that will provide low-interest gap financing to companies that show investment in our communities while creating and retaining jobs," Becker said.
"We expect eligible projects will include equipment purchases, land and building acquisition, renovations and new construction projects," he said. "As loans are repaid, the pool of funds will be replenished allowing for additional projects to be funded for years into the future."
The Pennsylvania Department of Community and Economic Development is responsible for distributing the funds to eligible economic development partners like EPACC, who will administer the funding to qualifying businesses.
Keith Gushard can be reached at (814) 724-6370 or by email at kgushard@meadvilletribune.com.
