BELLEFONTE, CENTRE COUNTY, Pa. (WTAJ)– A new loan program for small businesses in 11 counties, including Centre County, has launched.
SEDA-COG, including Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Perry, Snyder, and Union Counties will provide to total of $400,000 in loans to for-profit businesses at a 3.25% interest rate.
Centre County Commissioner Mark Higgins said there are many county businesses that need the loans.
“In Centre County, it’s hundreds of companies that would be interested… we are roughly 25-pecent of the SEDA-COG region,” Higgins said. “Since this is a local program, processed in Lewisburg, hopefully we can get this money out fairly quickly. With no payments for six months, you wouldn’t be starting payments on this until well into the fall.”
Businesses can use the loan money in addition to federal and state loan programs.
To apply, businesses should send an email to Douglas Wilburn, Director of SEDA-COG’S business finance department. His email address: Dwilbrun@seda-cog.org
The SEDA-COG Board of Directors will determine which businesses receive the loans.