Thursday, April 30, 2020

PADCO and City Offering Small Business Emergency Loans for Pottsville Businesses

Earlier this week, the Pottsville Area Development Corporation (PADCO) announced they are partnering with the City to assist the small businesses in the City with loans up to $5,000 through a newly developed program named “Pottsville Small Business Emergency Loan”. 

These loans may be used for payroll, lease payments, utility payments, or operating capital. The loans are for a 24-month term, have a 1% interest rate, and include (6) months of deferred payments. The goal is that within one week of being notified of approval, businesses will have the money in their hands. There is a total of $50,000 available, which will be distributed based on need for loan, order of applications received, and documented ability to pay the loan back.

PADCO Executive Director Savas Logothetides said, “Mayor Muldowney approached PADCO on the possibility of a partnership to assist small businesses in the City during this difficult time. In less than 24 hours the PADCO board of directors approved this much needed loan allocation that is aligned with our organization’s very mission. We made the process simple and quick and hope that local businesses will take advantage of this great program.”

The loan application is simple with zero fees (no application fee, loan initiation fee or processing fee) and will be made available for access on on Thursday, April 30, 2020. The application will run until May 13, 2020 or until all funds have been dispersed. Businesses applying must have their businesses within the corporate city limits. At this time, PADCO and the City have not yet ruled out a second round of funding if the need does exist.

Mayor Muldowney said, “We are committed to helping City businesses as they recover from the economic impact of the COVID-19 health crisis. Working together, we can support and strengthen those businesses that are at the core of our local economy”.

"We are truly in an unprecedented time due to the Covid-19 pandemic, which makes it necessary for us to ensure our small businesses continue to thrive in Pottsville. Our great partnership with the city will allow us to provide affordable emergency funding to those businesses. I encourage all small businesses within the city to consider applying. I also ask that we, as a community, stay safe and continue to support these small businesses in whatever way we can,", said PADCO President Francesco Mercuri.

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