UPDATE: $ 60 Million Interest-Free Loan Program Open to Small Businesses Hammered By COVID-19 | Local News

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UPDATE: Applications are now being accepted for the loan program, known as the COVID-19 Working Capital Access Program. For Lancaster County businesses, application information and forms can now be found on EDC’s website at edclancaster.com/covid-19/.

The Pennsylvania Industrial Development Authority is giving $ 60 million in interest-free loans to small businesses crushed by the spread of the coronavirus.

Loans, up to $ 100,000 each, are available to businesses with 100 full-time employees or less. The new program is designed to support the hardest hit sector of the economy and will allow small businesses to defer payments for one year.

Related: LancasterOnline’s Comprehensive COVID-19 Coverage

The law requires loans to be applied for through certified state-level economic development organizations at the local level, such as EDC Finance Corporation, a sister organization of the Lancaster County Economic Development Corporation.

There is no application fee and the terms will not include any payments or interest in the first year of the loans.

Applications are now being accepted for the loan program, known as the COVID-19 Working Capital Access Program. For Lancaster County businesses, application information and forms can now be found on EDC’s website at edclancaster.com/covid-19/.

The Industrial Development Authority typically offers low-interest loans and lines of credit to qualifying businesses that are committed to creating and maintaining full-time jobs, but it waives all employment requirements in its $ 60 million loan program.

The $ 60 million fund includes $ 40 million from the Commonwealth Financing Authority, an agency of the Department of Community and Economic Development that administers Pennsylvania’s economic stimulus plans.


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