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The Chamber’s Board of Directors recently voted to lower the interest rate for the Chamber’s low interest loan program to 3% on a permanent basis. Previously, the interest rate was an option of a variable rate at the Prime Rate or a fixed rate of Prime plus 50 basis points. Effective immediately, all otherwise qualified borrowers can access the loan program at a fixed 3% rate.
The Chamber and its board recognize that starting and running a small business can be a challenge, particularly in the initial startup phase when cash flow can be short. At times, business owners may not have the ability to access a loan from a financial institution, or at least a loan that fits their needs. Therefore, the Chamber has set aside a fixed amount of funds for this low interest loan program.
The minimum loan amount in this program is $5,000 and the maximum is $20,000. Loan terms should not exceed five years based off the useful life of collateral being pledged. To access the low interest loan program, applicants must be a member of the Columbia Montour Chamber, as well as meet all of the other qualifications laid out in the application guidelines.
In addition to the regular low interest loan program, the Chamber is also offering special bridge loans with a special low interest rate of 3% to member businesses affected by the recent flooding in the area. These loans also have a 3% interest rate and are available through Dec. 31, and are for a maximum term of 30 months and a maximum amount of $10,000.
For more information on the low interest loan program, special bridge loans or for questions, contact Fred Gaffney at 570-784-2522 or email.