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SEDA-Council of Governments has reduced the cost of borrowing for an SBA 504 loan to further assist small businesses with the financing of their expansion needs.
SEDA-COG will cover half of the 0.5% fee on the bank loan involved in the financing package for SBA 504 loans approved by the SBA this year. For example, for a $1 million expansion project, borrowers would save $1,250. For much larger projects, the savings could be thousands of dollars.
For more information about this SBA 504 fee reduction or to learn more about the SBA 504 program for small businesses in Pennsylvania, visit www.sedacogldc.org or contact the Business Finance Department at 570-524-4491 or [email protected].
A reminder that the Chamber’s low interest loan fund now offers loans of up to $20,000. Call Fred Gaffney at the Chamber at 570-784-2522 for details.