Revolving Loan Fund
The Pennsylvania State Department of Community and Economic Development offers many programs to communities and economic development organizations to help further their mission. The Revolving Loan Fund (RLF), also known as the Grant to Loan Program not only provides assistance to the business but also includes a benefit to the organization.
In summary, the state (after all the paperwork) will grant to the NEDC an amount up to one-third of the project's costs. The NEDC will then in turn loan those funds to the business with favorable terms. Usually below the commercial lending rate with a delayed repayment start date. The NEDC will hold those repayments and when there are sufficient funds, loan them out to another project. We are waiting for our first partner who is willing to work together with us to obtain these funds. Call us if you are investing in your existing property or are interested in purchasing commercial property in town.