by PIDCphila
June 29, 2020
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Are you in need of funding to help your business recover? Check out our list of state, federal, and local funding resources.
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[av_heading tag=’h3′ padding=’10’ heading=’Main Street Lending Program ‘ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]
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The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. Main Street loans are not grants and cannot be forgiven. Interested businesses will work with an eligible lender to determine if they meet the program requirements, which are available online, as well as the lender’s own underwriting standards.
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[av_button label=’Learn More’ link=’manually,https://www.bostonfed.org/supervision-and-regulation/supervision/special-facilities/main-street-lending-program/main-street-lending-program-overview.aspx’ link_target=’_blank’ size=’large’ position=’right’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ color=’theme-color’ custom_bg=’#444444′ custom_font=’#ffffff’ custom_class=” admin_preview_bg=”]
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[av_heading tag=’h3′ padding=’10’ heading=’COVID-19 Relief PA Statewide Small Business Assistance’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]
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Recently, Governor Tom Wolf announced a $225M statewide grant program to support small businesses that were impacted by the COVID-19 public health crisis and subsequent business closure order.
Visit pabusinessgrants.com, to learn more about the program including eligibility requirements, grant sizes, and to see the CDFIs administering the program. Round one of the fund is now closed. Round two is expected to open in August.
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[av_button label=’Apply with PIDC’ link=’manually,http://pidcphila.com/pabusinessgrants’ link_target=’_blank’ size=’large’ position=’right’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ color=’theme-color’ custom_bg=’#444444′ custom_font=’#ffffff’ custom_class=” admin_preview_bg=”]
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[av_heading tag=’h3′ padding=’10’ heading=’Paycheck Protection Program Loan’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]
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The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Check the SBA’s website for recent modifications to the application and loan forgiveness policies. PIDC partner, Lendistry, is an approved lender and has a limit of up to $250,000 on the amount of loans they approve. Companies with needs beyond this amount can apply through a participating bank or online lender. The deadline to apply through an approved lender is August 8.
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[av_button label=’Apply with Lendistry’ link=’manually,https://lendistry.com/’ link_target=’_blank’ size=’large’ position=’right’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ color=’theme-color’ custom_bg=’#444444′ custom_font=’#ffffff’ custom_class=” admin_preview_bg=”]
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[av_heading heading=’Economic Injury Disaster Loan (EIDL)’ tag=’h3′ style=” size=” subheading_active=” subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”][/av_heading]
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The SBA is now accepting new applications for the Economic Injury Disaster Loan (EIDL) and EIDL Advance from eligible small businesses.
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[av_button label=’Apply for EIDL with SBA’ link=’manually,https://www.sba.gov/page/disaster-loan-applications’ link_target=’_blank’ size=’large’ position=’right’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ color=’theme-color’ custom_bg=’#444444′ custom_font=’#ffffff’ custom_class=” admin_preview_bg=”]
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[av_heading tag=’h3′ padding=’10’ heading=’The PA 30 Day Fund’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]
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The Pennsylvania 30 Day Fund recently announced that it will deploy at least $100,000 for diverse small businesses who have suffered loss due to property damage and looting. The nonprofit organization provides $3,000 forgivable loans to small businesses owners who complete a simple application and submit a video. The Fund launched on May 7, 2020, and has already funded over 70 companies, including 36 minority-owned small businesses, impacted by COVID-19.
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[av_button label=’Apply for PA 30 Day Fund’ link=’manually,https://pa30dayfund.com/the-pa-30-day-fund-announces-100000-for-small-businesses-impacted-by-property-damage-and-looting’ link_target=’_blank’ size=’large’ position=’right’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ color=’theme-color’ custom_bg=’#444444′ custom_font=’#ffffff’ custom_class=” admin_preview_bg=”]
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[av_heading heading=’PIDC Commercial Mortgage Loan’ tag=’h3′ style=” size=” subheading_active=” subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”][/av_heading]
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Designed to support small businesses and nonprofits that need financing to purchase buildings that they either currently occupy or intend to relocate to, these loans will be targeted to small businesses owned by minorities, women, immigrants, veterans, or other disadvantaged populations as well as nonprofits and businesses located in low income communities.
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[av_button label=’Apply’ link=’manually,https://www.pidcphila.com/product/commercial-mortgage-loan’ link_target=’_blank’ size=’large’ position=’right’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ color=’theme-color’ custom_bg=’#444444′ custom_font=’#ffffff’ custom_class=” admin_preview_bg=”]
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For additional business support and funding opportunities, visit our COVID-19 Resource Library.
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