Pennsylvania's new working capital loan program for small businesses affected by the COVID-19 situation has generated a lot of interest, according to the Economic Progress Alliance of Crawford County.
There have been 50 inquiries locally since the program was announced Wednesday night with 18 businesses submitting applications, said Jim Becker, executive director of the alliance.
Of the 18 applications, eight have been completed and submitted to the state with 10 awaiting additional client information before submission, Becker said.
The loans for-profit businesses located in Pennsylvania with 100 or fewer full-time employees worldwide may be up to $100,000 at no interest. There are no payments the first year and principal payments only for the second and third years.