Clinton
County
Businesses located within the City of Lock Haven
The City of Lock Haven offers a low interest loan
program to new or existing small commercial businesses located within the
City of Lock Haven. Applicants may be eligible to apply for loans
for improvements to facades, interior renovations, additions, building
purchase, inventory acquisition, purchase and
installation of machinery and/or equipment, and working capital. The interest rate will be 3% and the term of the loan will
normally be three (3) years for working capital, five (5) years for
machinery and equipment and seven (7) years for real estate and
improvements. The maximum amount of the loan cannot exceed the lesser of 50%
of the total project cost or $50,000. One full-time job must be created or
retained for each $10,000 of Revolving Loan funds. Please contact
Leonora Hannagan, Lock Haven Federal Enterprise Coordinator,
at (570) 893-5907 or
hannagan@kcent.org
for an application.
Downtown Lock Haven, Inc. offers facade grants (up to $5,000) and
sign grants (up to $500) to qualifying businesses located in downtown Lock
Haven. For more information, contact Maria Bolieau, Downtown Manager,
at (570) 748-1576.
Businesses located within
Clinton County
All new or existing manufacturing, technology, construction,
service, and retail businesses located within Clinton County are eligible to
apply for loans for improvements to buildings, interior renovations,
additions, purchase of business or building for business purposes, purchase
of machinery and equipment, and working capital.
Stipulations:
- Must be located within Clinton County
- Must be a commercial enterprise
- Maximum 7 year term
- 4% interest rate
- Will finance 33 1/3% of total project costs
- Cash Injection of 10% by owner
- For every $10,000 borrowed, a full-time job must
be created
A business plan along with 3-year financial projections
must be submitted for loan approval. Other supporting documents required:
use of funds including estimates, sales or lease agreements, 3-years of
business tax returns, personal financial statement, and personal resume on
owner. The Lock Haven University Small Business Development Center will
work with the business owner or potential business owner to develop a
business plan and loan proposal to submit to the Clinton County Revolving
Loan Board.
For more information, please contact Mike Flanagan of the Clinton County Economic Partnership at
(570) 748-5782.
