Gov. Tom Wolf has announced the formation of a $60 million fund to loan money to small businesses that have been impacted by the COVID-19 pandemic. The COVID-19 Working Capital Access Program (CWCA) will allow businesses with fewer than 100 full-time employees to apply for loans up to $100,000. The goal of the program is to assist small to medium size companies with their operating expenses, not make major investments into equipment or infrastructure. The loan terms are three years with no payments due in the first year, with interest payments due monthly for years two and three. Additionally, the loans are zero percent interest, except for agriculture producers who will pay two percent interest.
How to Apply
Loan applications are packaged by a Certified Economic Development Organization (CEDO) that services the county your business is located in. The CEDO will work with you to determine if the CWCA loan program can assist with financing the needs of your business and will discuss with you in detail how the application process works. All applications must be made through an official local economic development authority. For the list of CEDO’s operating within Pennsylvania, go to www.dced.pa.gov/CEDO/. Questions about the program can also be directed to 717-783-5046.