Some Washington County businesses eligible for loans
By KRISTIE LINDEN
klinden@yourmvi.com
Small business owners in the cities of Washington or Monongahela and the boroughs of Charleroi, Donora and Bentleyville can apply for a special low-interest loan.
The Washington County Council on Economic Development has created a Main Street Emergency Loan Program, a low-interest loan for commercial businesses with 20 or fewer full-time employees that are located in the five named downtown areas.
This will be a first-come, first-served program with 37 to 40 loans available.
The loans will run for 30 months, with no payments for the first six months. Payments begin on the 10th day of the seventh month.
The initial interest rate is 0% and will remain at that rate unless a payment is late. If a loan payment is late, the rate automatically adjusts to 8.5% for the remainder of the term.
The loans will be between $5,000 and $10,000. Business owners can use the money to pay rent or mortgages, utility bills and supply costs for up to 120 days.
Owners must submit to a credit check, supply tax returns, offer a one-page description of the business, provide lease or mortgage documents, provide utility bills and copies of vendor invoices the loan would cover among other requirements.
Images of the applications are available on the Washington County Council on Economic Development Facebook page.
April Cacia of WCCED can be reached at acacia@washingtoncountypa.org and completed applications will be sent to her.
Cacia will also meet with the business owners before the loan is sent to a subset loan committee for approval.
