LENDING CRITERIA
Loan Amount and Matching Investment
100% financing equal to six months working capital needs, up to $50,000 per borrower, as determined using the formula: Twelve months of working capital expenses, divided by twelve, and then multiplied by six. This amount shall be the amount of the borrower’s loan request. The loan amount will be verified using the financial statements, and/or federal tax returns of the business.
Eligible Costs
Working capital, such as for payroll, fringe benefits, utilities, and rent.
Interest Rates and Terms
The interest rate will be 0.0% fixed for the life of the loan.
Loans will not be charged any principal or interest payment for the first twelve months; then, principal payments will be due monthly for the remaining 60 months for a total term of 72 months.
Jobs
Borrowers shall commit to retaining existing jobs.
Loan Closing Fees
$250 loan closing fee, $150 attorney document fee and any filing fees.
Collateral
The loan shall be secured by a blanket UCC-1 security interest on all business assets in the highest lien position available.
* These funds may not be used to pay the SAME EXPENSES for which you received other COVID-19 funds.
Indiana County Office of Planning & Development
801 Water Street
Indiana, PA 15701
