In an attempt to ensure available incentives are known and promoted, the Mifflin County Revolving Loan Program highlights are provided here.
Mission/Purpose: To provide a supplemental source of financing to support business retention and expansion within the Greater Lewistown area. The Loan Fund is to be used to assist businesses in meeting the bank’s lending requirements and to encourage financing of projects by sharing or reducing the risk to financial institutions.
Loans are available for businesses located (or are willing to locate) in the Greater Lewistown area encompassing Derry and Granville Townships and Burnham and Lewistown Boroughs. Loans may be used for the acquisition of land and/or buildings, new construction, renovations, leasehold improvements, purchase of machinery & equipment or working capital.
Loan Terms:
Maximum amount: $50,000 or a maximum of 50% of the eligible project.
Maximum Term: 5 years (term based upon the use of proceeds)
Interest Rate: 0%-year 1, 1%-year 2, 2%-year 3, 3%-year 4, 4%-year 5
Repayment: Repayment set by participating bank
Security: Collateralized at normal accepted guarantees
Other Conditions: Must participate with local financial institutions including:
* First National Bank
* Juniata Valley Bank
* Kish Bank
* Mifflin County Savings Bank
Job Creation/Retention: Applicants must commit to create or retain one new FTE (full time equivalent job for each $10,000 in loan proceeds within one year of date of closing
Fees: Application fee of 1.5% of loan amount
Reporting Requirements: Annual submission of most recent year-end tax returns/statements
For details on applying and other information contact the Mifflin Planning & Development Department at (717) 242-0887