The CDFI-Tech 21 Loan Program provides commercial loans up to $100,000 in the qualified Investment Area, which includes Greene, Fayette, Washington and Westmoreland counties. The purpose of this financing is to encourage the creation and growth of firms engaged in manufacturing, advanced materials, biotechnology, infotech and environmental technologies.
The program provides secondary financing up to 40 percent of the total project costs, not to exceed $100,000. Loans are provided at a fixed interest rate for a term not to exceed 10 years. The term of the loan is determined by the life of the asset or type of transaction financed. This program subordinates security to the participating bank.
Eligible uses of financing include: purchase of inventory, purchase order financing, acquisition of fixed assets, business acquisition, real estate acquisition, construction, repair or modernization, leasehold improvements, or working capital.
Borrowers must demonstrate job creation potential and agree to place low-income QUALIFIED residents in 30
Standard application required.percent of all positions created under the TECH 21 Loan Program.
Funded by: United States Department of Treasury, Community Development Financial Institution; Pennsylvania Department of Community and Economic Development; Washington County Council on Economic Development