Calling all borrowers: County loan fund available to help
LOCK HAVEN – The Clinton County Revolving Loan Board has funds available for new or expanding businesses in the county.
The revolving loan fund, which is more than 30 years old, was started by the county as a final piece of a financing puzzle for any business located in Clinton County. Dozens of loans have been made over the years and there are several active loans.
The revolving loan normally goes up to one third of an entire project, or $250,000 maximum. Loans are based on job creation or retention. The current interest rate is 3% and terms are normally seven or 10 years. Applicants have a review process regarding credit, other financing, and collateral.
“The county revolving loan fund, through the years, has been of great assistance to many businesses,” said Mike Flanagan, secretary of the fund board. “Recently, it has been kind of slow and the board would like nothing better than to get the funds out on the street.”
SEDA-COG, based in Lewisburg, reviews any loan applications. A recommendation is then forwarded to the local revolving loan board.
Members include Chairman Tim Horner, Paul Caimi, Susan Hanna, Richard Morris, Carol Hanna, Craig Muthler, Bob Rolley, Amanda Oechler and Jim Maguire. If the local board makes a loan recommendation, it is then forwarded to the county commissioners for final approval.
For more information, please contact Flanagan at 570-748-5782 or Roxanne Greissing of SEDA-COG at 570-524-4491.