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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, City Planner, at (570)893-5903, or email email@example.com 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.
- 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.
To establish a below market interest rate loan program for businesses and industries to improve their facilities; for the expansion of existing firms; and the start up of new business and industry in the Clinton County Enterprise Zone. All new and existing businesses and industries within the Enterprise Zone Area are eligible to apply. Loans may be made at below market interest rate, simple interest, and may be as low as 4% per annum. The term of the loan will normally be three (3) years for working capital; five (5) years for machinery and equipment; and seven (7) to ten (10) years for real estate and improvements. There will be no prepayment penalty connected with the loan.
The maximum amount of the loan may be the lesser of: (a) up to 30% participation of the total project cost for which funding is requested; or (b) up to $100,000 maximum depending upon the availability of funds. Separate competitive loan applications may be applied for up to $250,000. However, there may be a delay in obtaining funding under that program. The use of the loan funds from the Enterprise Zone Revolving Loan Program must be related to the creation or retention of jobs. One new full time job equivalent has to be created for each $25,000 of Revolving Loan Funds or fraction thereof and must take place with three years of closing of the loan. For example: a $50,000 loan must create two new jobs, and a $75,000 loan must create three new jobs.
Please contact April Henry,Coordinator, Clinton County Economic Partnership at 570-748-5782 or email firstname.lastname@example.org