Small Business Financing Solutions in Pennsylvania’s Cumberland County COVID-19 FINANCING RESOURCES Qualifying businesses can take advantage of two new programs: PIDA COVID-19 Working Capital Access Fund – View Guidelines & Apply Here SBA Low-Interest Disaster Loans – Apply Here Bridging Your Business’s Financial Gap Cumberland County is proud to be Pennsylvania’s fastest growing county. People love living here because of our thriving and diverse economy, low cost of living and exceptional recreational opportunities. If you’re considering launching or relocating your business to Cumberland County, ask CAEDC about our custom financing programs for new businesses in Pennsylvania. With our help, you can access incentives including tax credits, customs duties savings and price evaluation preferences, plus lending options that make financing a small business in Pennsylvania that much easier. Find Out More About: Financing Grants Tourism Grant Incentives Funding Finance Your Cumberland County Business With a Low Rate, Fixed Term and a Low Down Payment Are you expanding or starting a business? Could you use financing to bridge the gap between private investment and total project costs? We can help. Cumberland Area Economic Development Corporation (CAEDC), located in South Central Pennsylvania, is dedicated to advancing and promoting business growth and providing you the business financing and grant solutions you need. We specialize in the financing of real estate acquisition and construction, working capital and equipment purchases. Our team will customize a program to fit your project, offering low-interest rates, fixed terms and low down payments. See Our Rates Business Incentives in Cumberland County One of the reasons Cumberland County is the fastest growing county in Pennsylvania is because businesses here have access to economic incentives that promote healthy and sustainable growth. Some of the business incentives we offer include enterprise zones, foreign trade zones, keystone innovation zone (KIZ), and SBA Historically Underutilized Business (HUB) Zones. Contact Us Check out our resource on what to know before applying for a small business loan. Print out an easy to read chart of our Business Financing Programs by pressing the print button at the bottom of the page. Interest rates were updated 1/6/2020. FINANCING PROGRAMS FINANCING PROGRAM Click program name for details. USES INTEREST RATE Small Business Administration (SBA) 504 Program Land, buildings, refinancing, machinery and equipment SBA 504 Success Story 25-year: 4.25% 20-year: 4.21% 10-year: 4.48% Small Business First (SBF) Real estate, machinery and equipment, working capital SBF Success Story 2.75% – 3.75% Cumberland Small Business Fund (CSBF) Real estate, machinery and equipment CSBF Success Story 2.50% – 3.50% Tax-Exempt Financing -Cumberland County Industrial Development Authority (CCIDA) Land, buildings, machinery and equipment, refinancing CCIDA Success Story Determined by Bank Community Economic Development (CED) Real estate, machinery and equipment, and working capital 2.75% – 3.75% Machinery & Equipment Loan Fund (MELF) Machinery and equipment acquisition or upgrade 2.00% Tourism Infrastructure Loan Fund (TILF) Real Estate, machinery and equipment TILF Success Story 2.50% – 3.50% PA Infrastructure Bank Aviation Highway/Bridge Rail Freight Transit PIB loans at one-half the prime lending rate as published by the Federal Reserve Pennsylvania Industrial Development Authority (PIDA) Land, buildings, machinery and equipment, working capital PIDA Success Story Real Estate: 3% for 10 and 15-years; 2% for 5 and 7-years Machinery: 3% for 10 years Energy Efficiency: 2.00% Small Diverse Business Capital Access Program (SDBCA) Land, buildings, machinery and equipment, working capital Real Estate: 2.25% for 7 years, 3.00% for 15 years; All Other: 2.00%-3.00% PennWorks Water and wastewater infrastructure improvements/ construction 2.00% Industrial Sites Reuse Program (ISRP) Phase I, II & III environmental assessment and remediation costs on PA brownfields and/or previously utilized buildings 2.00% Business in Our Sites (BOS) All site development activities required to make a site pad-ready. 2.00% or 3.00% Building PA Mezzanine capital for real estate development in small to mid-sized PA communities. Based on Market conditions – contact us Alternative and Clean Energy (ACE) Utilization, development and construction of alternative and clean energy projects. Based on Market conditions – contact us Why Cumberland County Cumberland County is home to 33 diverse boroughs and townships that include rural, urban and suburban living. Cumberland County’s businesses employ over 115,000 people, and the unemployment rate is lower than the state average. Our region’s workers are skilled and educated. The economy is also thriving, and the region’s GDP and housing prices are up. The number of jobs continues to grow as well. Even with the County’s robust performance, though, living in Cumberland Valley remains remarkably affordable. The Pennsylvania Department of Labor & Industry reports that Cumberland County’s cost of living is 5% below the national average — and only 25% of what it costs to live in a major metropolitan area such as New York. Our strong economy and affordable quality of life are two of the reasons why our economic outlook is strong and stable. Top employers and industries in Cumberland County include government, healthcare, financial services, business services, retail, transportation and warehousing. In addition to sustainable growth, south central Pennsylvania also offers residents ample outdoor recreation and a rich history that attracts responsible tourism. In Cumberland County, living well and working hard are a part of life. Find out More CAEDC is ready to help your Cumberland County business thrive. For more information about CAEDC, contact us today.