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Small business loan program hits record-low interest rate

Posted on June 17, 2019December 30, 2019 by DNS Admin

Good news for new or expanding businesses – a federal loan program’s interest rate is the lowest in the program’s history.

The Small Business Administration (SBA) 504 loan program’s 20-year effective fixed rate for June is 3.98%, the first time it has fallen below 4%. Rates for other term options are also at or near recent lows. The rates have decreased for the past six months and have been below Prime for seven months. Rates are set monthly for loans that have closed the previous month.

SEDA-Council of Governments (SEDA-COG) partners with banks to offer businesses statewide this long-term, fixed-rate financing that can be used to acquire fixed assets for expansion or modernization or to refinance existing real estate or equipment debt. SBA 504 loans can be as small as $100,000 up to $5 million (in some cases $5.5 million).

Benefits of SBA 504 loans:

Long-term, fixed-rate financing (10 years for equipment and 20 or 25 years for real estate)

Lower down-payment vs. conventional financing (as low as 10% for existing businesses)

Financing up to 40% of eligible costs (land and building purchase, building construction, building renovations, equipment, refinancing of real estate or equipment debt)

Loan is fully amortized (no balloon payment)

Reduces risk for the partnering lender

For-profit businesses with a net worth less than $15 million and net income less than $5 million may be eligible. For real estate financing, the business must occupy a majority of the space.

John Reichard, SEDA-COG senior relationship manager, said the SBA 504 loan program is a proven success and win-win-win for the small business, the community and participating lenders.

“Businesses tell us again and again how the SBA 504 low interest rates and long terms help with cash flow and empower them to expand when it otherwise might have been difficult,” Reichard said. “This in turn promotes economic development in our communities.”

SEDA-COG provides SBA 504 loans throughout the state of Pennsylvania. For more information, visit www.sedacogldc.org or call 570-524-4491 and ask for the Business Finance Department.

Center for Rural Pennsylvania Survey

Posted on June 12, 2019December 30, 2019 by DNS Admin

The Center for Rural Pennsylvania is currently sponsoring research, Broadband Availability and Access in Rural Pennsylvania, to analyze and assess broadband availability in Pennsylvania, and is asking Pennsylvania residents to participate in the research by taking the broadband speed test at http://broadbandtest.us. The test results will help Pennsylvania State University researchers, led by Professor Sascha Meinrath, to measure actual internet speeds. The test will also provide participants with information about their broadband connection. If you’d like to help the Center for Rural Pennsylvania and our research partners at Penn State University map broadband access in Pennsylvania, please visit http://broadbandtest.us/ and take the broadband speed test. Thanks for your help.

SEDA-COG Technology Assessment Available to Local Government

Posted on June 12, 2019December 30, 2019 by DNS Admin

SEDA-COG Technology Assessment Available to Local Government Municipalities and local governments in an 11-county region can get a technology assessment and action recommendation that includes a free computer from SEDA-Council of Governments. This service assesses existing computer software, servers, network and connectivity, storage and backup, hardware, and more. SEDA-COG’s Information Technology Group then makes a recommendation based on the assessment. Recommended changes may be implemented by another vendor or SEDA-COG. The technology assessment and recommendation will be provided for $450, which includes a free computer while supplies last. For more information and to learn about other services, contact SEDA-COG’s Scott Kramer at 570-524-4491 or skramer@seda-cog.org.

Workshops to address Shamokin businesses’ concerns

Posted on May 20, 2019December 30, 2019 by DNS Admin

After meeting with over 30 businesses in February, SEDA-Council of Governments (SEDA-COG) and partners are hosting three workshops in June to address the concerns and issues the businesses raised.

All workshops will be held June 5-7 at the Antioch Place, 531 N. Market St., Shamokin.

The June 5 workshop, Sales & Marketing: The Bread & Butter of Your Business, will be presented by the Bucknell University Small Business Development Center (SBDC) from noon to 1:30 p.m.

This workshop will help business owners position their businesses for sales success by clearly communicating the value of their products and services. It will cover clear and consistent communication, cost and value, and personal biases. Presenters are SBDC business consultants Dennis Hummer and Reed Byrum. Cost is $25 with a special discount of $10 for Shamokin Area Businesses for Economic Revitalization (SABER) participants. Registration is required by June 3 and can be done online at www.bucknell.edu/SBDCevents or by calling 570-577-1249.

The June 6 workshop, Workforce Recruiting, will be from 6 to 8 p.m., presented by PA CareerLink in partnership with Welch Performance Consulting.

This free workshop and panel presentation will focus on recruitment efforts to address workforce shortage concerns. Issues addressed include how to successfully recruit candidates; how to expand your labor pool; the current recruiting trends; and available resources. A panel discussion will feature those who’ve found successful means to recruit new employees. To register, email charpster@tiu11.org or call 717-248-4942 ext.105.

The final workshop, One Page Growth Plan, will be held from 6 to 8 p.m. June 7 and will be facilitated by the Covation Center.

This workshop will help business owners build a strategy to take their business to the next level. It will provide tools to take a deep dive into business growth and a one-page overview of necessary growth steps. To register, contact SEDA-COG’s Betsy Kramer at 570-524-4491 or bkramer@seda-cog.org.

This effort is part of the statewide PA Engage! program, a statewide business retention and expansion program that offers companies advantages and connections.

In a 10-county central Pennsylvania region, a network of publicly funded partners empowers businesses to stay in PA, grow and excel. With the Engage! program, the partners identify and invest in businesses that may be unaware of the host of local resources available to them.

These partners are part of the Central Region Partners for Regional Economic Performance (PREP) network that SEDA-COG coordinates, which has over 20 business service providers in the region.

The local business service providers have a history of successfully partnering with businesses to help them reach their goals. From manufacturing, restaurants, gyms, orchards, farms, and more, no matter the business, the local business service providers can boost businesses to the next level.

Locally, Engage! was financed by a grant from the Commonwealth of Pennsylvania, the Department of Community and Economic Development.

For more information, contact SEDA-COG’s Betsy Lockwood at 570-524-4491 or elockwood@seda-cog.org.