The Schuylkill Small Business Development Revolving Loan Program was developed in 2003 by the Commissioners of Schuylkill County in a continuing effort to attract and retain businesses that provide decent wages and stabilize our communities. This program is available County-wide and can be used by both new businesses and existing businesses that need assistance for expansion. Businesses that apply for the loan must be able to create or retain jobs that will employ county residents.
The loans can be used for the acquisition of property; building rehabilitation with qualifying criteria; new construction; infrastructure; and the purchase of equipment and machinery. The loans cannot be used to refinance existing debt; working capital; or soft costs, i.e. title recording, legal, architect, insurance.
Financial assistance is based on need. In no circumstances will the funds be used to finance more than 25% of the total project cost. The committee determines the actual amount of the loan based on the application.
Loan terms are flexible and are arranged to meet the needs of the business. Loans may be deferred or amortized or used to write-down the interest on conventional financing. The term of the loan shall not exceed 10 years.
All loans will be secured by a mortgage on the property assisted with Economic Development funds. The loan may be subordinated to all private debt, however, the total debt secured by the property can not exceed 100% of the fair market value of the property as determined by an appraisal.
Other criteria and restrictions apply. For additional information on the program, or for a loan application package, please contact a member of the staff at 570-622-1942.