Third Party Certifications No Longer Needed to Apply for the DBFI Loan Program
Several lenders had expressed their concerns to DCED that requiring third party certifications presents an undue burden and expense to the diverse business owners targeted by the initiative, to the point that they are having difficulties making loans using the funds. Consequently, the PA Department of Community and Economic Development (DCED) has decided to eliminate the need for third party certifications. Applicants still need to fall under the guidelines.
The Diverse Business Financing Initiative (DBFI) was created to support and grow qualifying diverse businesses committed to full-time job creation and retention. Small businesses operated by minorities, women, veterans, service-disabled veterans, LGBT individuals, and more qualify for low-interest loans packaged and underwritten by the Bucks County Economic Development Corporation (BCEDC) in partnership with PIDA.
The DBFI is Designed for Diverse Businesses
The BCEDC will loan to businesses operated by:
- service-disabled veterans
- disabled individuals
- LGBT individuals
Loans will be issued for the following uses:
- Land and building acquisitions
- Building construction and renovation costs
- Machinery and equipment
- Working capital
To learn more about the program, please contact BCEDC, 215.348.9031 or www.bcedc.com/funding-sources/loan-programs/other/dbfi.