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New state loan program targets small, diverse businesses

State officials have launched a loan program to help out small businesses owned by women, minorities and veterans.

The Small Diverse Business Capital Access Program looks to aid small, diverse businesses in the state seeking low-interest loans and lines of credit. Businesses that qualify will have made a commitment to creating and/or retaining jobs.

For the program, the state is considering small, diverse businesses as those that are minority-owned, woman-owned, veteran-owned or service-disabled veteran-owned. Businesses must have no more than 100 employees and must be certified by the Department of General Services.

The maximum loan amount is $200,000, and the maximum line of credit is set at $100,000. The amounts awarded will depend on factors such as matching funds, the proposed use and the number of jobs that will be retained or created, according to the program website.

The loans will be administered by the Pennsylvania Industrial Development Authority and packaged through economic development corporations in counties where the businesses are or will be located.

Loans and lines of credit can be used for land and building acquisitions, construction and renovation costs, machinery and equipment purchases, working capital and accounts receivable lines of credit.

This article was published by the Central Penn Business Journal here.

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