June 10, 2012
Designed to fund your company’s outstanding receivables, the Emerging Business Loan Program is a working capital line-of-credit that helps to bridge the time it takes for your company to receive payment for work already performed. Secured by the proceeds of an executed contract with a governmental organization, major non-profit or credit-worthy private company, the line-of-credit from PIDC may be used to pay vendors, suppliers, or payroll. For contractors and service providers waiting more than 30 days to receive payment for work performed, the Emerging Business Loan Program, with rates as low as 2.75%, might be a great fit. For businesses located in Philadelphia, the line-of-credit may be used to bridge payments on work in any city or state; for businesses located outside of Philadelphia, the line-of-credit may only be used for work in Philadelphia.
The Emerging Business Guarantee Program is available to any small business or non-profit located or planning to locate in Philadelphia that is having difficulty accessing conventional financing. This program was developed by PIDC with the support of the City of Philadelphia Commerce Department and initial bank partners, United Bank, Valley Green Bank and East River Bank. Funds may be used for a broad range of activities including lines of credit for working capital and term loans for machinery and equipment, renovations, new construction, and property acquisition. PIDC will guarantee up to 50% of eligible loans with a maximum guarantee amount of $250,000 for loan amounts of $500,000 and above. Interest rates and loan terms are determined solely by the private lender.