RIDGWAY – The North Central Pennsylvania Regional Planning and Development Commission’s Board of Directors (North Central) approved a trio of business loans at its August meeting.
The board approved $372,500 in loan funding for three businesses in the six-county region that will retain a total of 10 full-time jobs and create five new jobs over the next three years.
“The Business Lending Program is working in the six-county region,” North Central Executive Director Jim Chorney said.
“The three loans approved Wednesday will keep businesses open and people employed to help sustain the regional economy while helping maintain the quality of life in those communities.”
North Central’s Business Financing Department administers several loan funds from federal and state sources that can finance up to 50 percent of a total project cost in participation with bank financing.
The program offers low-interest financing to support the start-up and expansion activities of small businesses that will enhance the regional economy through the creation and retention of full-time jobs.
“These loan approvals are a testament to our commitment to supporting small business start-ups and expansion projects that will ultimately contribute to creating a stronger local economy,” North Central Loan Program Director Jennifer Hibbard said.
A loan to Gregory Real Estate LLC for $67,500 from the Appalachian Regional Commission Revolving Loan Fund was approved for the purchase of real estate as owner-occupied property for the purpose of leasing to Dave’s Pro Shop Inc. in St. Marys in Elk County.
Housler Family Eye Care Inc. in St. Marys was approved for a $230,000 loan from the USDA Intermediary Relending Program. The funding will be used to finance the construction of a new optometry clinic.
Allegheny Mountain Fitness LLC in Coudersport in Potter County was approved for a $75,000 loan from the EDA CARES Act Revolving Loan Fund for the purchase of real estate and equipment.
The board also approved a purchase for North Central’s IT Department for the annual Barracuda E-Mail Protection Gateway Defense License and Cloud-To-Cloud Backup Service Data Protection for the organization’s Microsoft 365 accounts.
The programs are designed to protect the organization’s emails from advanced email threats while providing an encrypted backup cloud service. The cost was budgeted at $6,512.80 and was unanimously approved by the board.
The next hybrid board meeting will be held at 9:30 a.m. Thursday, Sept. 25.