Business Finance – Page 3 – SEDA Council of Governments

SEDA-COG Assists Centre County Restaurant

Posted on February 22, 2022April 7, 2026 by

Lori and Jessica Sabatino, co-owners of Alloy Kitchen, LLC, are opening their restaurant’s doors on February 23, 2022, after a year of planning, construction, and patiently waiting for equipment to arrive. They are located in Titan Hollow, a place of enchantment nestled down in Victorian Bellefonte, Pennsylvania at 2042 Axemann Road.

Alloy Kitchen, LLC partnered with SEDA-COG and received a SEDA-COG EDA COVID-19 loan for the purchase of the kitchen equipment for the new restaurant.

“We are very happy to have played a part in this new start-up in the Bellefonte area of Centre County. The SEDA-COG EDA COVID-19 loan program was designed not only to assist existing businesses facing financial hardships due to COVID-19, but to assist individuals who were impacted by the pandemic as well. Lori had been displaced from her restaurant job and this endeavor with Jessica will allow her to continue her passion in the food service industry,” said John Reichard, SEDA-COG Business Relationship Manager.

Lori has been in the food and beverage industry for almost 30 years. Her creativity and passion are apparent in Alloy’s diverse menu which brings familiarity, while also forging something unique. Alloy Kitchen, LLC is a full-service restaurant with take-out sales available. They are partnering with Mad MacIntosh Cidery and Witches Hollow Winery, and Titan Events, who have a large event space and tasting room in Titan Hollow. This space will be available to host events such as weddings, baby showers, holiday parties, birthday parties, and retirement parties. The restaurant will be open Wednesday and Thursday from 11 a.m. to 9 p.m., Friday and Saturday from 11 a.m. to 10 p.m., and Sunday from 11 a.m. to 7 p.m. You can check them out on their website (https://titanhollow.com/), Facebook (https://www.facebook.com/Alloy-Kitchen-112767994227295/about/), or Instagram (https://www.instagram.com/alloy_kitchen/)

For more information about SEDA-COG’s loans, please contact John Reichard at jreichard@seda-cog.org.

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.

For more information, please contact Elaine Stauder, communications coordinator, SEDA-Council of Governments, at 570-522-7429 or estauder@seda-cog.org.

Sports center built with SEDA-COG and Juniata Valley Bank partnership

Posted on July 13, 2020 by DNS Admin

STATE COLLEGE – An entrepreneur’s dream of building a sports facility became reality thanks to a loan partnership with SEDA-Council of Governments (SEDA-COG) and Juniata Valley Bank.

The agency and bank partnered with owner Michael Lee to help fund the creation of Nittany Valley Sports Centre at 177 Champion Dr. Investment partners also helped finance the project. This created six full-time jobs and 10 to 20 part-time jobs, depending on the time of year.

“I’m excited to offer this opportunity for kids and everyone to play sports – that’s important,” Lee said.

The indoor sports and multipurpose facility has offerings for almost every occasion. The area’s competitive and recreational soccer organizations use it to participate in leagues, training, and facility rentals. The Centre offers athletic training through a Parisi Speed School franchise, along with sports clinics, sports tournaments, and summer youth sports camps. The Centre is available for other sports and non-sport activity rentals such as summer camps, birthday parties, school rentals, preschool programming, and more.

While Lee was an architectural engineer by education and trade, he came to realize it wasn’t his passion. After taking his daughter to a gymnastics competition in a large indoor sports facility, he saw the variety and opportunity a sports center offers.

“I thought, why doesn’t State College have a place like this? I asked around, and people said the area has needed a place like this for years. So, I hired a consultant to do a market study which showed it could support this,” Lee said.

However, because of the scale of the project and Lee’s lack of experience in that arena, banks were reluctant to fund the project alone. SEDA-COG bridges that gap and helps to spread the risk by offering various loans in addition to traditional lender financing.

John Reichard, SEDA-COG loan officer, said SEDA-COG was pleased to help make Lee’s project come to fruition.

“Michael faced many challenges to bring this project to reality since he first envisioned it. We were thrilled to bring a solution to the table to help him overcome some financing obstacles. His persistence and optimism are the hallmark of his success,” Reichard said. “Juniata Valley Bank was a fantastic partner in this project, as well.”

SEDA-COG secured a $2.4 million U.S. Small Business Administration (SBA) 504 loan which offers low down-payments, long terms, and fixed rates. Juniata Valley Bank financed the project with a $4 million loan.

“This made the bank more favorable toward loaning to the overall project cost. That’s the reality – we couldn’t have done it without the SBA component and SEDA-COG. SEDA-COG exists to make it easier, and they did,” Lee said.

Fred Wallace, bank vice president relationship manager, said it was an exciting project and are proud project partners.

“We are excited to be partners with Michael on his journey; we believe in the project. We’re thrilled to see that it’s taken off and running,” Wallace said. “Our partnership with SEDA-COG was first rate; we appreciate all the time and effort that John Reichard put into this project, not only with Michael, but also with us. We look forward to having a long-term relationship with Michael and SEDA-COG.”

The Centre opened in February 2019 and Lee is building a second phase addition that will support in-house basketball and volleyball, as well as a wide range of events including sports tournaments, trade shows, conventions, and more. This phase is funded by a state grant and is expected to open in November.

While Lee is from Vermont, he attended Penn State University and moved to State College permanently in 1998.

For more information about Nittany Valley Sports Centre, visit www.thecentrepa.com.

The SEDA-COG Local Development Corporation, located in Lewisburg, is a Certified Development Company providing SBA 504 loans throughout the state of Pennsylvania. For more information, visit www.sedacogldc.org, email sba@seda-cog.org, or call 570-524-4491 and ask for the Business Finance Department.

Information Box:

SBA 504 loans: Long-term, fixed-rate financing to acquire fixed assets for expansion or modernization or to refinance existing real estate or equipment debt.

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 percent for existing businesses)
- · Financing up to 40 percent 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)

Eligibility: For-profit businesses with a net worth less than $15 million and net income less than $5 million.

SEDA-COG Offers Businesses New Loan Program

Posted on April 24, 2020 by DNS Admin

Businesses impacted by the COVID-19 crisis in 11 central Pennsylvania counties now have another funding option – a new loan program established by SEDA-Council of Governments (SEDA-COG).

No payments are due in the first six months for the new SEDA-COG EDA COVID-19 Loan Fund. There is a limited pool of funds available – $400,000 – so interested businesses should apply now. Funds are available until they are exhausted.

SEDA-COG Executive Director John Brown said SEDA-COG worked hard to secure these funds through the U.S. Economic Development Administration (EDA) and thanked them.

“We know businesses are hurting and we are using creative solutions to help meet the current needs in this ever-changing economic climate,” Brown said. “As the local community and economic development agency, we are thrilled to partner with the EDA to further assist our region.”

Doug Wilburn, director of SEDA-COG’s Business Finance program, worked with the EDA to get these funds reallocated for a broad array of businesses since they were originally limited to specific business sectors.

“This loan fund was reallocated by SEDA-COG in response to the COVID-19 crisis. The partnership of SEDA-COG and the EDA will give businesses in our region some relief. SEDA-COG has heard the voice of our communities and we will continue to look for ways to help local businesses through these trying times,” Wilburn said.

The loans are for businesses in SEDA-COG’s region of Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Perry, Snyder, and Union counties.

For-profit businesses can apply for loans of at least $10,000 with an interest rate of 3.25%.

Funds can be used for working capital and can be disbursed based on past working capital expenses.

There is a $500 underwriting fee and a $100 filing fee. For more information, visit https://seda-cog.org/covid-19/ or contact SEDA-COG’s Business Finance Department at cwca@seda-cog.org.

SBA Disaster Assistance Criteria for Businesses Impacted by COVID-19

Posted on March 18, 2020June 1, 2026 by DNS Admin

PA businesses can now apply for disaster loans

The U.S. Small Business Administration (SBA) implemented its disaster declaration for Pennsylvania so small businesses and private non-profits statewide can access SBA Economic Injury Disaster Loans to help alleviate economic injury caused by the coronavirus (COVID-19).

The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. The loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

The loans also are available to small agricultural cooperatives and small aquaculture businesses.

Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela. To prepare for the online application, businesses are also encouraged to review the SBA Disaster Business Loan Application forms at https://disasterloan.sba.gov/ela/Information/PaperForms. Paper loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (TTY: 800-877-8339) or emailing disastercustomerservice@sba.gov.

SBA’s partners can offer free assistance with reconstructing financial records, preparing financial statements and submitting the loan application. Partners include Small Business Development Centers (SBDCs), SCORE, Women’s Business Centers (WBC), and Veteran’s Business Outreach Centers, and local Chambers of Commerce. For the nearest offices, visit: https://www.sba.gov/local-assistance

SEDA-Council of Governments (SEDA-COG) can help direct and offer guidance to central Pennsylvania businesses. Please contact Doug Wilburn, director of Business Finance, at 570-524-4491 or dwilburn@seda-cog.org.

Businesses may also contact their local county resources, as well as the Pennsylvania Department of Community and Economic Development’s Pennsylvania Business One-Stop Shop at business.dced@pa.gov or call 1-833-722-6778, option 0.

These SBA loans now have relaxed criteria as part of the Trump Administration’s aggressive, whole-of-government efforts to combat the coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses.

The relaxed criteria will have two immediate impacts:

• Faster, Easier Qualification Process for States Seeking SBA Disaster Assistance. Historically, the SBA has required that any state or territory impacted by disaster provide documentation certifying that at least five small businesses have suffered substantial economic injury as a result of a disaster, with at least one business located in each declared county/parish. Under the just-released, revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.

• Expanded, Statewide Access to SBA Disaster Assistance Loans for Small Businesses. SBA disaster assistance loans are typically only available to small businesses within counties identified as disaster areas by a Governor. Under the revised criteria issued today, disaster assistance loans will be available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to coronavirus.

“We’re very encouraged that banks and financial institutions are responding to the President’s efforts to mobilize an unprecedented public-private response to the Coronavirus (COVID-19) outbreak. As a result, most small businesses that need credit during these uncertain times will be able to obtain it. However, our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels,” said Administrator Carranza. “To that end, the SBA is relaxing the criteria through which states or territories may formally request an economic injury declaration, effective immediately. Furthermore, once an economic injury declaration has been made in a state or territory, the new rules allow the affected small businesses within the state or territory to apply for a disaster assistance loan.”

SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.