With help from the Luzerne Foundation and the Northeastern Pennsylvania Alliance, loans are available from $5,000-$15,000. The interest rate will not be greater than 1%. This rate is fixed throughout the loan term (2-5 years dependant on use).
Businesses must have 50 or less employees with annual revenue less than $1,000,000. Loan priority will be given to qualified business that have experienced flood related damage. Loan proceeds must be used for purchase of machinery and equipment (new or used) as well as associated delivery and installation costs, working capital, construction, renovation, and acquisition of real property.
Entrepreneurs and start-up businesses are required to submit a fully completed business plan with the loan application. The Small Business Development Center at the Wilkes University provides assistance in the development of a business plans at no cost to the entrepreneur/small business. Existing businesses must provide certain financial information including but not limited to Financial Statements, Income Tax Returns, Personal Financial Statement for the prior 3 years.
Borrowers are required to establish/retain one new job for every $10,000 in loan assistance. Self-employment is included with this requirement.
All businesses must be geographically located in the Borough of Shickshinny. There is a non-refundable $100 Application Fee.
For more information contact:
Dave Nat at at 570.655.5581
Paul Macknosky at 866.758.1929