The state of Pennsylvania is offering small business low-interest loans for those who have been affected by the coronavirus pandemic.
The COVID-19 Working Capital Access Program will be administered by the Pennsylvania Industrial Development Authority.
Loans of up to $100,000 will be available to small businesses with 100 or fewer full-time employees. These loans will feature low interest rates and no application fees as well as no payments or interest during the first year of the loan.
“A total of $60 million has been set aside for these loans,” Governor Tom Wolf said. “I’m asking all small businesses that have been afeected by this crisis to reach out to their local certified economic development organization by phone or email.”
The turnaround time for loan approval is expected to be just a few days. Business owners interested in applying should contact their local Certified Economic Development Organization.
