The Pennsylvania Industrial DeCOVID-19 Working Capital Access Program
The Pennsylvania Industrial Development Authority (PIDA) board has approved guidelines for a new emergency response program, the COVID-19 Working Capital Access (CWCA) Program. This will be administered through PIDA, which requires ALL PIDA loan applications to be submitted through a Certified Economic Development Organization (CEDO); for Westmoreland County, this is the Economic Growth Connection of Westmoreland.
CWCA Program is available to small businesses that employ 100 or fewer full-time employees worldwide, including businesses in the agricultural, service and hospitality sectors. In addition to the Loan Application documents, we will also need:
• Individual Credit Reports – For any individual with 20% or more ownership in the operating entity. EGC can pull these if needed, and waive the associated $50 fee.
• 1 Year Tax Returns – Most recent year end accountant prepared financial statements or most recent filed tax returns
• All Invoices AND Signed General Ledger Details – There is currently questions as to which to include. Have both ready to send to ensure we have all necessary information
• Associated Fees – There will be an $84 UCC filing fee, other fees (if applicable)
The maximum loan amount will be $100,000 for working capital with a 0% interest rate, subject to the statutory requirement for the agriculture sector, and a term of three years. They will be awarded on a first-come, first-serve basis and are used to reimburse your business for working capital expenses incurred within the past 3 months (50% of expenses for retail/service sector businesses for the prior six months up to a maximum of $100,000).
To ensure the quickest possible turn around on your funding, we ask that you submit a COMPLETE application. Anything less than 100% completion will greatly slow down processing and may negatively impact your ability to access funding. These loans are made available on a first come, first serve basis.
All loan applications should be submitted to Disater@egcw.org