Financial Assistance

The EDC offers low interest loans to businesses in Elk and Cameron County.

Find more detailed information on the low-interest loans below the Loan Form.

Are you a new or existing business beginning a new project? Please visit our Business support page before filling out our Loan Form.

Business Support

EDC Loan Application Process

Step 1: Submit Loan Request Form

Fill out the below form which gives our EDC staff a better understanding of your business needs.

Step 2: Our Staff will Reach Out

Our Staff will review your form and reach out to schedule a meeting and to collect more information.

Step 3: Submit Loan Application

Our Staff will help to submit a Loan Application to the EDC Board of Directors.

Loan Request Form

Operating Business Name, Public Name
Name of Business person EDC will be in communication with
Website URL or Social Media Page
123 Main St.
15857
If you don't have the exact date, please use January 1st of the year your business was created.
Please describe why you started your business, how you've grown, and what you hope to achieve with a loan.

Please Note

This is not a formal loan application. The above information is collected to better understand your business before the EDC reaches out schedule a formal interview and loan application. The loan application will require the following information:

~ Copies of Bids/quotes, sales agreements etc. to support the project
~ Copy of Corporation Bylaws
~ Type of Collateral (i.e. Equipment, Real Estate, etc.)
~ Current Company Prepared Balance Sheet, Income Statement and Balance Sheet Y-T-D.
~ Last 3 Years of Federal Tax Returns with all attachments, schedules, and K1’s
~ Current Debt Schedule
~ Matching funds source including confirmation Letter/Approval/Commitment
~ Source and Uses of how funds will be spent

Acknowledgement of Submission*
More information on our Loans

Our Loan Terms are designed to help businesses RISE

4%

Current Interest Rate

$50K

average loan amount

5 -10 Year

Loans for
EQUIPMENT

10-15 Year

Loans for
Real Estate

EDC Loan FAQs

The EDC’s low-interest loans can be used for any improvement project for for-profit businesses headquartered in Elk and Cameron Counties in Pennsylvania. This can include, but isn’t limited to, real-estate acquisition, machine upgrades or expansion, and more.

The following information will need to be submitted in order to start the Loan Application Process:

  • Type of Business (i.e. C Corp., S Corp., LLC, etc.)
  • Business History and Background
  • Copy of Corporation Bylaws
  • Current Company Prepared Balance Sheet, Income Statement and Balance Sheet Y-T-D.
  • Last 3 Years of Federal Tax Returns with all attachments, schedules, and K1’s
  • Source and Uses of how funds will be spent
  • Copies of Bids/quotes, sales agreements etc. to support the project
  • Type of Collateral (i.e. Equipment, Real Estate, etc.)
  • Matching funds source including confirmation Letter/Approval/Commitment
  • Current Debt Schedule

If you have any questions or concerns about any of the above documentation, don’t hesitate to reach out to us on our Contact Us page.

For new businesses & start-ups the following will be required:

  • A business plan*
  • A 3-year pro forma balance sheet and income statement
  • Cash flow statements with supporting information.

*A business plan can be obtained for free through the Small Business Development Center (SBDC). The plan should be based on market conditions where the business will be located. Contact the SBDC for our area here.

  • Loan amounts are typically $50,000 or less.
  • Funds can be used for business start-up, buildings, additions, new and used equipment including upgrades as well as real estate purchases.
  • Commercial and retail related ventures can acquire
  • Rates are below market, call for our current rates!
  • Loan Terms
  • 1% origination fee (minimum $250) and $100 application fee
  • For Equipment: 5 to 10 years depending on loan amount
  • For Real Estate: Up to 10 years depending on the loan amount