Tuesday, September 6, 2022

PADCO Announces Micro-Entrepreneur Operating Capital Loan Program for Pottsville Businesses

On Tuesday, the Pottsville Area Development Corporation announced their new PADCO Micro-Entrepreneur Operating Capital Loan Program.

The program will be available, Wednesday, September 7, 2022. 

Currently, there are a total of seven loans up to $15,000 available with the possibility of more becoming available based on demand.

The loans may be used for operating capital expenses specific to the business including but not limited to:

  • rent or lease (not payable to any landlord with whom you hold ownership)
  • utilities
  • payroll
  • inventory
Loan funding will be at the sole discretion of the PADCO Finance and Executive Committees. 

Items that will be considered for loan funding will be: 

  • need for loan
  • order of received applications
  • ability to pay back loan
  • credit score of applicant
The loans are for a 60-month term with a 5% interest rate. The loan will be secured by personal guarantee of any and all principals or interests of business who have 20% or more ownership. 

There is a $250 application, processing, and initiation fee associated with the PADCO Micro-Entrepreneur Operating Capital Loan Program. 

All applicants must have an existing business within the Pottsville corporate city limits and all local, state, and federal taxes must be current (proof may be required). 

All applicants must be micro-entrepreneurial in that they have 10 or less full-time equivalent employees. 

Federal guidelines prohibit the use of loan funds for explicitly religious activities.

Applications will only be accepted with all required information, documents, and signatures. 

All applications should be submitted to info@pad-co.com starting Thursday, September 15th, 2022 at 8:00 A.M. The application period ends on Monday, October 31st, 2022. 

To view the loan application in its entirety please visit www.downtownpottsville.com under the “Business Support” tab.