February 23, 2021 – SEDA Council of Governments

Discounted elevation certificates for Lewisburg homeowners

Posted on February 23, 2021 by DNS Admin

Lewisburg homeowners who live in the 100-year floodplain can get discounted elevation certificates that can reduce their flood insurance costs.

The Federal Emergency Management Agency (FEMA) elevation certificates cost $700 for these homeowners. This is a discounted group price that SEDA-Council of Governments (SEDA-COG) negotiated with Orangeville Surveying Consultants Inc. Without the discount, the rate can be as expensive as $2,000.

Residents must own and occupy their homes.

Geralee Zeigler, a program analyst in SEDA-COG’s Flood Resiliency program, explained how elevation certificates can reduce flood insurance premiums.

“Your insurance agent will use the elevation certificate to compare your building’s elevation to the Base Flood Elevation shown on the map being used for rating and determine the cost to cover your flood risk,” Zeigler said. “If the elevation certificate shows your property at a high elevation, it will lower your flood insurance cost.”

Zeigler said the certificates also can help when homeowners want to sell their homes.

“Not only can elevation certificates greatly reduce flood insurance premiums, they also make a home more attractive for buyers since the buyer will know where the house stands in relation to the floodplain and knowing they’ll have less of a flood insurance cost,” Zeigler said.

Interested homeowners can contact Zeigler at gzeigler@seda-cog.org or 570-524-4491 ext. 7218.

SEDA-COG’s Flood Resiliency Program offers services related to flood resiliency and mitigation assistance both within and outside of its 11-county region. Its goal is to help break the damage cycle and stop its drain on people and communities. For more information, visit https://seda-cog.org/departments/flood-resiliency/.

As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.

Small business loans through SEDA-COG to waive fees, first several payments

Posted on February 23, 2021February 26, 2021 by DNS Admin

A loan program that helps small businesses is providing further relief by waiving fees and the first several months of payments on certain loans.

SEDA-Council of Governments (SEDA-COG) offers the U.S. Small Business Administration (SBA) 504 loan program throughout Pennsylvania which features fixed rates, long terms, and low down payments. Now, certain fees associated with the loan are being waived because of the CARES Act passed late last year. The fee elimination lowers the out-of-pocket cost to the borrower and the effective rate of the 504 loan from the rates that are quoted.

The SBA also will pay the first three months of payments on behalf of the borrower for loans approved by the SBA by Sept. 30, depending on availability of funds.

Doug Wilburn, director of SEDA-COG’s Business Finance program, said this is welcome news for many small businesses that are struggling through the pandemic.

“Small businesses are the backbone of the economy, and we hear from so many clients how the SBA 504 loan program gives their business the boost it needs to grow by freeing up working capital. Now, this new fee and payment waiver gives businesses breathing room, especially during these difficult times,” Wilburn said.

The SBA 504 loan program can meet many growing businesses’ needs, including purchase of an existing building, new construction, or a building renovation. It also can be used to buy equipment and refinance existing real estate or equipment debt.

Businesses can finance up to 40% of a project at a long-term fixed rate. Lower down payment for as little as 10% helps businesses preserve working capital. Real estate purchases get a 20- or 25-year term and amortization with no balloon payment. Equipment purchases can also be financed through the 504 program with a 10-year term and amortization.

Eligible applicants include for-profit businesses that occupy a majority of their space with a net worth of less than $15 million and less than $5 million in profit after taxes.

For more information about SBA 504 loans through SEDA-COG, contact John Reichard at jreichard@seda-cog.org or 570-850-0195.

SBA 504 10-year effective rate:

Standard: 2.45%
Refinance: 2.48%

SBA 504 20-year effective rate:

Standard: 2.72%
Refinance: 2.76%

SBA 504 25-year effective rate:

Standard: 2.76%
Refinance: 2.80%

As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.

February 2021 SEDA COG Board of Directors Meeting

Posted on February 23, 2021March 19, 2021 by DNS Admin

Notice is hereby given that the regular meeting of the SEDA COG Board of Directors has been scheduled for Wednesday, February 24, at 1:00 p.m. In keeping with federal and state guidelines regarding COVID-19, this meeting will take place virtually, with the option to join via teleconference.

To attend this public meeting, please click on the following link:

https://meetings.ringcentral.com/j/6124697268 and follow the prompts.

To access via telephone, please call +1(470)869-2200 and enter Meeting ID: 612 469 7268. The meeting will be recorded.