Pa. businesses awarded more than $10 million
Recipients announced in first round of COVID-19 Working Capital Access Program funding
HARRISBURG » The Pennsylvania Department of Community and Economic Development has announced that 126 companies in 30 counties have received the first loan allocations from the COVID-19 Working Capital Access Program. The program was developed under the Pennsylvania Industrial Development Authority’s Small Business First Fund in response to the economic impact of the coronavirus on Pennsylvania businesses.
In the first round of recipients announced Monday by Community and Economic Development
Secretary Dennis Davin, were 10 companies from Chester County, two from Delaware County and one from Berks County. There were no Montgomery County recipients named in the first allocation. The first allocations of funding from the program total just over $10 million.
Allocations in the region ranged from $6,430 to a maximum award of $100,000. The totals in each county include: $676,146 in Chester County; $106,430 in Delaware County and $100,000 in Berks County.
“These loans will help businesses in the commonwealth quickly access capital to address their critical needs while we continue to follow the governor and health secretary’s orders. Small businesses are the fabric of our commonwealth,” Davin said in a press release, adding that the Wolf administration is “committed to supporting them to the fullest extent during this unprecedented time.”
On March 25 Gov. Wolf announced that the Commonwealth Financing Authority authorized the transfer of $40 million to the Small Business First Fund for the COVID Working Capital Access Program. The Pennsylvania Industrial Development Authority authorized making $60 million available to provide loans of $100,000 or less to for-profit businesses with 100 or fewer full-time employees.
The Chester County recipients include: MJB Sales Inc., $100,000; Eichman Law PLLC, $35,000; Fischer Cunnane & Associates, $100,000; Forcine Wall & Patio Inc. $100,000; Giannascoli & Thomas, $100,000; Gator Networking Services, $100,000; Greg Pilotti Furniture Makers, $40,000; JHJ Childcare Inc., $24,000; Zakback Inc., $49,000; and 807 dtown LLC, $28.146. The Delaware County recipients include: Platoon Fitness Training LLC, $100,000 and Rockdale Art Center, $6,430. The Berks County recipient is: Berks Ambulatory
“These loans will help businesses in the commonwealth quickly access capital to address their critical needs while we continue to follow the governor and health secretary’s orders. Small businesses are the fabric of our commonwealth.” — Dennis Davin, Pennsylvania Community and Economic Development Secretary
Surgery Center LLC, $100,000.
Any eligible working capital cost, excluding fixed assets and production machinery and equipment, incurred by the eligible business enterprise three months prior to submission of the loan application will count as an eligible cost toward either the loan amount or, if applicable, the matching investment requirement, according to a release. Retail/service enterprises are able to incur eligible working capital costs up to six months prior to submission of the loan application.
Pennsylvania Industrial Development Authority staff continue to review submitted applications for approval and are actively working with DCED’s Certified Economic Development Organizations (CEDOs) to disburse COVID-19 Working Capital Access Program loan funds as applications are approved.