COVID-19 – Page 9 – SEDA Council of Governments

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.

Highspeed internet now available in Perry County

Posted on February 19, 2021 by DNS Admin

Highspeed internet is up and running in and beyond Horse Valley, and the Perry County Commissioners are urging area residents and businesses to sign up.

As of Jan. 27, the coverage area includes Horse Valley, as well as south and southeast of the tower of the Blain area, and along 274 from the outskirts of New Germantown toward Cisna Run. Customers who are in a clear line of sight of Big Knob tower can sign up to receive service of up to 100 megabits.

Commissioner Brenda Watson said they want to alert residents that the project is completed and that they can sign up for fast internet service.

“This is such a crucial service for people during this time when many are working and learning from home,” Watson said.

Customers can choose from four packages providing speeds up to 40 megabits per second, all with no data caps. Interested customers may visit internet provider Centre WISP’s website at www.centrewisp.com and pick their county to see pricing and speeds, and to sign up. Centre WISP will not raise their prices for at least two years.

Perry County, along with Juniata and Mifflin counties, worked with SEDA-COG to secure state and federal funds to incentivize the internet expansion project and to select Centre WISP. Sens. Jake Corman and John DiSanto and Reps. John Hershey, Kerry Benninghoff, Rich Irvin, and Mark Keller helped secure the grants.

The funds incentivized Centre WISP to provide internet service where it wasn’t financially feasible to reach on their own, helping to bridge the last-mile funding gap. SEDA-COG is administering this Tri-County Broadband Project in collaboration with Mifflin, Juniata, and Perry counties.

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.

Homelessness prevention grant open to Juniata County residents

Posted on February 16, 2021 by DNS Admin

Residents at risk of losing their housing in Juniata County may be eligible to receive up to $5,000 to prevent homelessness.

The Resident Subsistence Program is being offered in response to the COVID-19 pandemic to support hard-hit residents and is funded with a $68,130 entitlement Community Development Block Grant-CARES Act (CDBG-CV).

The grants can be used to pay utility payments to prevent cutoff of service.

Each eligible family may receive up to $5,000, paid directly to the landlord, or utility company on their behalf. Funds will not be given directly to families. Assistance is available for up to 90 days per family.

Applications will be accepted from Feb. 15 to March 1.

SEDA-Council of Governments (SEDA-COG) is managing the program on behalf of the county, administering the CDBG funds, and ensuring compliance. SEDA-COG will provide the grants to residents, as allocated by the county.

Applicants must be at risk of losing their housing. Homeowners must provide documentation from the mortgage holder showing payments in arrears and renters must sign the self-certification eviction form. Assistance can be made to families who are low-to-moderate income, based on federal guidelines. Applicants must complete an income verification interview to qualify for this program.

Applications and other necessary documentation can be found at https://www.juniataco.org/. Due to COVID-19, appointments will be done virtually or via phone. For anyone who does not have access to a computer or internet, please call 1-800-332-6701.

Please send all necessary application documentation to SEDA-COG’s Heather Kelly-Weisen by postal mail or email at 201 Furnace Road, Lewisburg, PA 17837, or Hkellyweisen@seda-cog.org no later than March 1.

SEDA-COG’s Community Development program administers 14 CDBG contracts for 28 communities. Over 35 years, the program has secured $120 billion for over 1,000 projects with its 12 dedicated staff.

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.

Homelessness prevention grant open to Milton residents

Posted on February 15, 2021 by DNS Admin

Residents at risk of losing their housing in Milton may be eligible to receive up to $5,000 to prevent homelessness.

The Resident Subsistence Program is being offered in response to the COVID-19 pandemic to support hard-hit residents and is funded with a $43,465 Northumberland County on behalf of Milton Borough entitlement Community Development Block Grant-CARES Act (CDBG-CV).

The grants can be used to pay utility payments to prevent cutoff of service and rent/mortgage payments to prevent eviction.

Each eligible family may receive up to $5,000, paid directly to the mortgage holder, landlord, or utility company on their behalf. Funds will not be given directly to families. Assistance is available for up to 100 days per family.

Applications will be accepted beginning Feb. 22. While there is no deadline to apply, the program is on a first-come, first-serve basis and ends when the funds are spent.

The Salvation Army will provide the grants to Milton residents, as allocated by the Borough of Milton. The Salvation Army is managing the program on behalf of the Borough. SEDA-Council of Governments (SEDA-COG) is administering the CDBG funds and ensuring compliance.

Applicants must be at risk of losing their housing and must provide documentation of it. Assistance can be made to families whose income is at or below the HUD Section 8 income limits for Northumberland County at the time of application. Applicants must complete an income verification interview to qualify for this program.

For more information or to set up an appointment to apply, Milton residents may contact Valerie Harris at 570-742-4231 or email Valerie.Harris@USE.SalvationArmy.org.

SEDA-COG’s Community Development program administers 14 CDBG contracts for 28 communities. Over 35 years, the program has secured $120 billion for over 1,000 projects with its 12 dedicated staff.

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.