More relief for small businesses is on its way with additional loans through SEDA-Council of Governments (SEDA-COG), a regional community and economic development agency in Lewisburg.
The U.S. Economic Development Administration (EDA) awarded SEDA-COG $6.3 million from the CARES Act.
“The CARES Act succeeded in supporting employers and employees in the midst of the COVID-19 pandemic,” said Congressman Dan Meuser (PA-09). This “announcement is great news for small businesses in the 9th District and across the Commonwealth. CARES Act Recovery Assistance grants will provide necessary capital for Pennsylvania businesses to safely reopen and help grow our economy.”
SEDA-COG Executive Director John Brown said the EDA is investing in SEDA-COG to respond to this crisis.
“We are pleased that EDA made this investment in SEDA-COG, a high-performing, regionally-focused agency committed to helping our region respond to this unprecedented challenge by using creative solutions to help meet the current needs of businesses and communities in this ever-changing economic climate,” Brown said.
SEDA-COG Business Finance Director Doug Wilburn said businesses’ needs have been heard and SEDA-COG and the EDA are committed to working to meet those needs.
“The EDA funding award to SEDA-COG will provide loans for businesses impacted by COVID-19 in the SEDA-COG region. We know there is hard work to be done and we are committed to doing our part to help alleviate the acute pain from the pandemic in our region,” Wilburn said.
The funding award will capitalize a new revolving loan fund (RLF) to alleviate sudden and severe economic issues caused by the COVID-19 pandemic for eligible small businesses in SEDA-COG’s region of Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Perry, Snyder, and Union counties.
Businesses can apply for loans of at least $10,000. No payments are due in the first six months. There is a $500 underwriting fee and a $100 filing fee. Interested business owners should visit the website below for the application materials and send completed applications to SEDA-COG at the email address below.
During the COVID-19 crisis, unemployment rates have increased exponentially. Small businesses that were unable to operate remotely closed. Among the top issues identified during this crisis by the businesses was an immediate need for capital to keep businesses open.
In response to this need, SEDA-COG previously allocated $400,000 from an existing EDA award and this $6.3 million is in addition to that prior award.
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.