Lawrence County to Receive $1.2M for Small Business Loan Program
NEW CASTLE, Pa. – The Lawrence County Economic Development Corp. will receive $1,122,500 to capitalize a state Small Business Credit Initiative revolving loan fund program. A portion will be allocated to socially and economically disadvantaged individuals as well as to businesses with fewer than 10 employees.
The LCEDC learned of the funding Tuesday from Gov. Tom Wolf’s office. It is among a group of 21 certified economic redevelopment organizations in the state to be awarded money from an allotment of $246.8 million in American Rescue Plan funding.
Funding was distributed across the state, taking population data and the organizations serving each county into consideration “to ensure that eligible businesses have access to either loans or equity investments,” according to a news release.
The applicants were evaluated based on their lending and underwriting capacity and experience. The LCEDC received a perfect score in the 2021-22 Pennsylvania Industrial Development Authority Yearly Performance Rating.
The LCEDC’s current five-year loan portfolio includes 24 small business-financing projects that have created and retained approximately 500 jobs.
To apply for revolving loan fund dollars through the LCEDC, contact Diane Richardson at 724 658 1488 or [email protected]. The program will open on Oct. 17.
Published by The Business Journal, Youngstown, Ohio.