Business Lending General Guidelines

Southern Alleghenies Planning & Development Commission offers a variety of funding options to both start-up and existing businesses within Blair, Bedford, Cambria, Fulton, Huntingdon, & Somerset Counties.

Maximum Loan:

• $200,000 or 50% of the total eligible project cost, whichever is less
• Working capital loans limited to $100,000 or 50% of total project cost,  whichever is less

Minimum Loan:

• $15,000

Eligible Use of Funds:

• Land acquisition and related costs
• Building acquisition, construction, or rehabilitation
• Machinery  and equipment  (new or used)
• Working Capital

Terms:

• Land and Buildings – 10 to 15 years
• Machinery and Equipment – 5 to 7 years
• Working Capital – 3 to 5 years

Interest Rate:

• Below market and fixed for the term of the loan

Fees:

• 1% of the loan amount (minimum $250) plus all applicable legal, filing, and credit reporting fees

Eligible Applicants:

• Manufacturing
• Wholesale Distribution
• Agricultural Enterprise
• Child Day-Care
• Hospitality
• Commercial & Service
• Tourism

For additional information or to speak with a loan officer about your project please call Trudy Mitchell at (814) 949-6547, Tina Taylor at (814) 949-6517 or Lisa Harten at (814) 949-6546.

If you have spoken to a loan officer and have been invited to file a complete application, then download the file below.