PADCO Extends Special Interest Rates to June of 2013
At the most recent board meeting of the Pottsville Area Development Corporation the organization approved the extension of incentive driven loan rates for both loan programs that are managed by the organization. The traditional loan pool which covers business enterprises within the City limits of Pottsville and the Borough of Schuylkill Haven was approved at an interest rate of 2.99%, while the USDA Micro-entrepreneurial loans covering all of Schuylkill County will have an interest rate of 3.5%.
“In this economy we want to be sure we are doing all we can to spur growth of entrepreneurial enterprises. The market has been difficult and as such we need to ensure that the programs offered will further assist small businesses in their goals toward success.” Rich Torpey, PADCO President.
The Pottsville Area Development Corporation manages a revolving loan fund of approximately $2 million. Monies can be used only within the City Limits of Pottsville and the Borough of Schuylkill Haven, as approved by DCED. Eligible uses of funds include: business creation and expansion, equipment, inventory, job creation, building acquisition and renovation.
Eligible projects for the USDA Micro Entrepreneurial Program, which covers small business throughout Schuylkill County include: working capital, furniture, fixtures, supplies, inventory or equipment, debt refinancing, business acquisitions and real estate purchase.
“Both loan programs are a great opportunity for those start-ups or existing businesses that don’t quite meet traditional lenders requirements for lending. PADCO’s mission is to encourage business startup and expansion and as such we are somewhat more willing to take a risk on a business that we feel will do well and will be of benefit to the community.” Rich Torpey, PADCO President.
For information regarding PADCO loans please call 570-628-4647.