Coalition for Economic Progress receives $1.1 million in grant for local business loan pool | News

Coalition for Economic Progress receives .1 million in grant for local business loan pool |  News

The $1 million state grant will create a new small business loan pool in Crawford County.

The Crawford County Economic Advancement Coalition was awarded a $1,122,500 grant from Pennsylvania through the State Small Business Credit Initiative (SSBCI).

Governor Tom Wolf said Pennsylvania is giving $246.8 million in US bailout funding to local economic development partners like EPACC to directly help small businesses.

The state said the money is distributed equitably, taking into account data from residents and organizations serving each county to ensure eligible businesses in all 67 Pennsylvania counties receive loans or direct equity investments.

EPACC was one of 21 total entities and one of 12 economic development institutions across Pennsylvania to receive this type of funding.

The application process is expected to open by October 17, according to the state.

Although program guidelines are still taking shape, Jim Baker, executive director of the EPACC, said it’s exciting to have a large pool of capital available for the business and the money will remain in Crawford County.

“With this new funding source, we will create a self-sustaining loan program that will provide low-interest-gap financing to companies that demonstrate investment in our communities while creating and retaining jobs,” Baker said.

“We expect eligible projects to include equipment purchases, land and building purchases, renovations and new construction projects,” he said. “As the loans are repaid, the pool of funds will be replenished to allow for additional projects to be funded years into the future.”

The Pennsylvania Department of Community and Economic Development is responsible for distributing the funds to qualified economic development partners such as EPACC, who will manage the funding for eligible companies.

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