Loans will be amortized monthly over a four-year (4-year) period, at a zero percent (0%) interest rate.
If repaid in full within 12 months of closing, 10% of the loan will be forgiven (i.e. converted to a grant)
If repaid in full within 24 months of closing, 5% of the loan will be forgiven (i.e. converted to a grant)
REVIEW AND PRIORITIZATION
Applications will be reviewed for completeness and eligibility by ECRDA.
Following a determination of eligibility, applicants will be reviewed and ranked by demonstrated financial need and potential for future business viability by ECRDA.
Successful applicants will typically be notified of award within 2 weeks of application submittal.
*Submitting an application is not a guarantee of a loan award.
1. BEFORE SUBMISSION OF YOUR LOAN APPLICATION, WE FIRST NEED TO VERIFY THAT YOU ARE ELIGIBLE. YOU AND YOUR BUSINESS MUST MEET ALL OF THE FOLLOWING CRITERIA:
Business must be physically located in Millcreek Township, PA.
Your business is not home-based
Business owner must have primary residence located in Erie County, PA.
Business must have been in continuous operation in Millcreek Township, PA since March 1st, 2017.
Business must have not more than 25 full-time-equivalent employed positions at the location.
Business must be able to demonstrate economic hardship of a loss of revenue of 25% or more in Fiscal Year 2020 compared to Fiscal Year 2019.
Business must be in good standing with Millcreek Township, Erie County, and the Commonwealth before funds may be awarded. Considerations for good standing for Millcreek Township include outstanding taxes owed to Millcreek Township, outstanding code violations at the business location or issued to the owner of the business, and all permits or licenses issued by the Township being current and active.
Business must be in compliance with State and County health codes.
2. IF YOU MEET ALL CRITERIA IN #1, YOU WILL NEED THE FOLLOWING GENERAL INFORMATION TO SAVE YOUR APPLICATION. PLEASE GATHER THIS INFORMATION BEFORE PROCEEDING.
Date that the business was established
Contact information for each primary (20%+) owner
Gross sales from last year
Net earnings from last year
Total number of full time equivalent employees
Monthly fixed expenses
Reason and purpose for the loan
3. ONCE YOU HAVE COMPILED ALL INFORMATION IN #2, YOU WILL NEED THE FOLLOWING FILE ATTACHMENTS TO SAVE YOUR APPLICATION. THESE SHOULD BE SAVED AS INDIVIDUAL FILES. PLEASE GATHER THESE SEPARATE FILE ATTACHMENTS BEFORE PROCEEDING.
W-9 (A link for a fillable form is provided HERE. Please make sure you fill out appropriate fields and SIGN YOUR W-9)
FOR YOUR CONVENIENCE, WE ARE PROVIDING A DOWNLOAD OF THIS CHECKLIST HERE.
ONCE YOU HAVE MET AND COMPILED ALL ITEMS IN #1-#3, YOU ARE READY TO FILL OUT YOUR LOAN SUBMISSION! PLEASE NOTE THAT THIS SUBMISSION PROCESS WILL BE DONE IN ENTIRETY THROUGH A WEB PORTAL. DOUBLE CHECK THAT YOU HAVE ALL NECESSARY GENERAL INFORMATION AND FILE ATTACHMENTS BEFORE PROCEEDING TO AVOID ANY PROBLEMS WITH THIS SUBMISSION PROCESS.
Certificate of Occupancy
Articles of Incorporation or other state documentation verifying business entity structure
Drivers License for all owner(s) (combined)
2019 Business Tax Return
Current statement of financials (combined)
2020 Business tax returns or Profit and Loss statements if not yet complete.