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The Municipality of State College, Pennsylvania is offering individual microloans of up to $10,000 at 0% interest to businesses located with the municipal boundaries. These loans are made with a three-year term; however, principal payments will not begin until September of 2021. These loans are meant to act as bridge loans so that our small businesses can continue to function during the COVID-19 Pandemic and can be used for working capital, including rent, payroll, utilities, inventory, and payable accounts. The funds may also be used for renovations directly related to COVID-19 safety improvements. We as a community deeply value the services and experiences our small businesses provide to both locals and students and the Borough hopes to keep as many businesses afloat as possible.
Given the great need for support funding here in the Borough and the speed with which other municipalities exhausted available funds, we intend to keep application requirements to a minimum. Requirements are as follows:
Loans are limited to businesses within the Borough with 15 full-time equivalent employees or fewer.
Business must be a non-franchise business and may not have any additional locations outside Centre County. The goal of the program is to assist small, locally owned businesses not regional or national chains.
Business must agree, as a condition of the loan, to follow all required federal, state and local guidelines for COVID-19 safety and prevention.
Business must agree to report on the use of the loan funds with six months of the loan being issued. The Redevelopment Authority will provide an easy-to-use on-line resource for reporting.
Should the business receiving the loan close their current Borough location and relocate to a location outside the Borough of State College the outstanding loan balance will be due in full at the time of closure.
The Municipality of State College, Pennsylvania is offering individual microloans of up to $10,000 at 0% interest to businesses located with the municipal boundaries. These loans are made with a three-year term; however, principal payments will not begin until September of 2021. These loans are meant to act as bridge loans so that our small businesses can continue to function during the COVID-19 Pandemic and can be used for working capital, including rent, payroll, utilities, inventory, and payable accounts. The funds may also be used for renovations directly related to COVID-19 safety improvements. We as a community deeply value the services and experiences our small businesses provide to both locals and students and the Borough hopes to keep as many businesses afloat as possible.
Given the great need for support funding here in the Borough and the speed with which other municipalities exhausted available funds, we intend to keep application requirements to a minimum. Requirements are as follows:
Loans are limited to businesses within the Borough with 15 full-time equivalent employees or fewer.
Business must be a non-franchise business and may not have any additional locations outside Centre County. The goal of the program is to assist small, locally owned businesses not regional or national chains.
Business must agree, as a condition of the loan, to follow all required federal, state and local guidelines for COVID-19 safety and prevention.
Business must agree to report on the use of the loan funds with six months of the loan being issued. The Redevelopment Authority will provide an easy-to-use on-line resource for reporting.
Should the business receiving the loan close their current Borough location and relocate to a location outside the Borough of State College the outstanding loan balance will be due in full at the time of closure.
