With the fluid COVID-19 situation still ongoing, a majority of manufacturers throughout the country are facing challenges and/or disruptions involving their operations, supply chains and financial stability. Catalyst Connection is continuing to work to provide the manufacturing community in southwestern Pennsylvania with up-to-date resources and information to assist companies in this time of need. Here are a few resources that were announced this week:
• COVID-19 Working Capital Access Program (CWCA): DCED is offering working capital for the purposes of assisting with operations, excluding fixed assets, and the production of machinery and equipment. There will be a limit of $100,000 for each loan and interest rates could vary from 0%-2%. The PIDA partners with a network of nonprofit organizations called Certified Economic Development Organizations (CEDOs) to administer the CWCA loan program. The loan application will need to be submitted to the PIDA Office by the CEDO for final approval. To determine which CEDO(s) serve your business’s county and to receive additional information about the CWCA Program. Learn more
• Pennsylvania Industrial Development Authority (PIDA): PIDA is currently putting together the Small Business First Fund to make $61,000,000 available for business assistance. Funds can be used for working capital loans of up to $100,000 given to small businesses (any maybe nonprofits) who employ 100 or fewer people. Currently the interest rates are set at 3% but the PIDA board can adjust the interest rates as low as 0%. More information will be available in the next coming days.
PIDA also provides low-interest loans and lines of credit for eligible businesses that create and retain full-time jobs for the development of industrial parks and/or multi-tenant facilities. To get additional information about what is offered in your county and to apply, click here to check the Certified Providers By County.
• SBA Disaster Loan Assistance: The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. Learn more
• Commonwealth of Pennsylvania Critical Medical Supplies Procurement Portal: A new web portal has been created to expedite the procurement of critical medical supplies for Pennsylvania’s health care system. This portal is for manufacturers, distributors and other suppliers to inform us of supplies available for purchase and will allow us to more quickly and efficiently procure these supplies for hospitals and medical facilities across PA. Learn more
• OSHA COVID-19 Safe Working Guidelines: Get informed on OSHA standards and directives and other related information that may apply to worker exposure COVID-19 and recordkeeping. Learn more
• Updated List of Essential Businesses: View the list of businesses that may continue physical operations, in relation to the Governor’s Executive Order mandating closures for COVID-19 mitigation. Learn more