Objective and General Information
To stimulate self-help initiatives and help people build assets at the individual, family and community level. The Small Business First Community Economic Development (CED) loans authorized by Act 100 of 1998 are intended to enhance the project for Community Building by authorizing loans for small businesses in areas that are eligible for Community Development Financial Institution (CDFI) coverage. CED is not a job creation program.
Amount of Financing
$200,000 or 50% of eligible costs, whichever is less.
Most legitimate business costs are eligible for funding. Borrower must be a legitimate, for-profit, small business enterprise with 100 or less employees and located within a Distressed Community as defined by the US Census Bureau. The Communities that are eligible are part of Bristol Borough (Census Tract # 1007), all of Warminster Township (Census Tract # 101605), part of Doylestown Township (Census Tract # 104704), all of Falls Township and part of Tullytown Borough (Census Tract #'s 105806 and 105902). Business located within the Enterprise Zone of Bucks County or a Keystone Opportunity Zone area is also eligible, provided that the business has 100 or fewer employees.
Commenced projects will not be funded. However, the Department recognizes the long-lead times involved in acquiring, constructing, or renovating land and building and acquiring machinery and equipment. Therefore, the applicant may request a "non-prejudicial approval" from the Department thus allowing the applicant to continue the project without jeopardizing the status of the application. However, the applicant is cautioned that he/she is proceeding at his/her own risk.
Interest Rate and Term of Loan
2% per annum. Terms range from 3 to 10 years. Other loan terms and conditions will vary as the project dictates.
Charges by Bucks County Economic Development Corporation include a non-refundable $500 application fee.