Burns: State loans now available for small businesses
Loans up to $100,000 carry zero-percent interest for three years
EBENSBURG, March 25 – As part of his effort to marshal resources to help small businesses and communities affected by the COVID-19 crisis, state Rep. Frank Burns, D-Cambria, today announced that zero-percent-interest loans are now available to small businesses in Pennsylvania.
“I know the disruption this virus is causing across our state for the hardworking men and women of Pennsylvania, which is we cannot afford to wait for the federal stimulus program to start helping them out,” Burns said. “These zero-interest loans will help small businesses – the true engines of our economy – last until this crisis ends and we can jumpstart our economy.”
Last week, Burns also called on Gov. Tom Wolf to work with Pennsylvania’s industrial base to ramp up production of ventilators and other medical devices and supplies to meet the coronavirus crisis.
Under the loan program administered by the state Department of Community and Economic Development, the $61 million state program will provide up to $100,000 for small businesses with 100 full-time employees or fewer.
They carry a zero-percent interest rate for three years, with a 12-year amortization. No payments will be due the first year of the loan. Business owners interested in the program are being asked to contact their local economic development organization, which locally is the Johnstown Industrial Development Corp.