Revolving Loan Fund – Central Bradford Industrial Development Corporation

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Quick Reference

Areas Served: Bradford County

Eligible Applicants: All new and existing businesses and industries, including manufacturing and industrial projects and small business projects located in the Bradford County, Pennsylvania Enterprise Zone.

Eligible Activities: Acquisition and/or improvement of land and building, including new construction or renovation of existing facilities; machinery and equipment purchases; working capital, inventory and payment of professional fees, including but not limited to architects, engineers and attorney fees.

Ineligible Activities: Speculative activities, purchase or finance equity in private business, debt consolidation or refinancing.

Interest Rates: Rates will follow the Pennsylvania Department of Economic Development PIDA (Pennsylvania Industrial Development Authority) lending rates for building and land, and MELF Machinery and Equipment Lending Fund) for machinery and equipment.

Equity Requirement: 10% of developer equity input required.

Terms: Variable, depending upon use of funds, security being offered, and other factors determined by the Progress Authority Revolving Loan Fund Committee.

All loans will be secured by the highest lien position available on collateral.

Job Impact: Projects must demonstrate impacts to sustainable employment.

Relocation: Agreement shall state that note is due if company relocates out of described area or ceases operations.

Fees: RLF applicants will be required to provide a $250.00 non-refundable application fee to the Progress Authority upon submission of the RLF requeSt. In addition, successful RLF applicants will be required to provide a 1% loan origination fee to the Authority upon completion of the loan closing.

The business will also be responsible for all closing costs and attorney fees.

Payment Schedule: Payments shall be made to First Citizens Bank, who will provide monthly statements or payment book as requested.

Generally, the first payment is due one month from date of closing, with monthly payments on same date thereafter for term of loan.

Contact Information
Central Bradford Industrial Development Corporation
Address: 1 Elizabeth Street, Suite 3
City: Towanda
State: Pennsylvania

Website: http://www.cbprogress.org/programs/revolving-loan-policies.html

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