HARRISBURG, Pa, (WHTM) – Small businesses impacted by the spread of coronavirus and efforts to contain it can now apply for 0% interest loans from the Commonwealth.
The COVID-19 Working Capital Access (CWCA) Program is being administered through the Pennsylvania Industrial Development Authority (PIDA). Funds are limited and will be awarded on a first-come, first-served basis. Qualifying businesses can only have up to 100 employees.
The maximum loan amount is $100,000 for working capital with a 0% interest rate, subject to the statutory requirement for the agriculture sector, and a term of three years.
The Pennsylvania Industrial Development Authority (PIDA) approved funding Monday today to provide $61 million in low-interest loans to Pennsylvania small businesses impacted by the COVID-19 public health emergency, according to Sen. Scott Martin (R-Lancaster).
All PIDA loan applications must be submitted through a Certified Economic Development Organization (CEDO). For the list of CEDO’s operating within Pennsylvania, please refer to www.dced.pa.gov/CEDO
More information about the CWCA Program is available at www.dced.pa.gov/CWCA.