LCEDC’s New Low-Interest Loan: Funds Available to Help Grow Your Business

Is your business contemplating a capital asset purchase project and needs help financing the cost of land, building, new construction, renovations, or used/new machinery and equipment? The State Small Business Capital Initiative (SSBCI) program may be just the ticket.

The program is designed to enhance bank or other private financing by offering to fund up to half of the total project cost. The SSBCI program can take subordinate collateral position to the bank and offer a fixed, low-interest rate of 2.5% to 3.5% for the life of the loan.  Essentially, all for-profit businesses are eligible to apply for loans ranging from $5,000 to as large as $250,000 that must be matched by a bank or other private financing loan for a term up to ten years. If this sounds like the program for you, please contact Diane Richardson at 724-658-1488 or by e-mail to richardson@lawrencecounty.com to discuss your project and details of the program.