The COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak.
All CWCA loan applications must be submitted through a Certified Economic Development Organization (CEDO).
Working capital, which for purposes of this program is considered capital used by a small business for operations, excluding fixed assets and production machinery and equipment.
An eligible small business enterprise is a for-profit corporation, limited liability company, partnership, proprietorship or other legal business entity located in the Commonwealth of Pennsylvania and having 100 or fewer full-time employees worldwide at the time of submission of the application.
The maximum loan amount is $100,000. The loan terms are three years with a 12-year amortization. Additionally, no payments will be due and payable during the first year, principal and if applicable, interest payments will be due monthly for years two and three, and a balloon payment will be due and payable at the end of the third year.
The interest rate for the program is 0% except for agricultural producers in which case the interest rate is 2 percent fixed for the life of the loan.
To learn more or apply for a COVID-19 Working Capital Access (CWCA) loan please click here: https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/
HBK will continue to follow developments and provide guidance and clarity surrounding COVID-19 business issues. To discuss COVID-19’s effect on your business, contact your HBK advisor.