County/SEDA-COG Unveil Local Loan Program

LOCK HAVEN – The Clinton County Commissioners, in conjunction with the county revolving loan fund board and SEDA-COG, on Monday announced a loan program to help those county businesses impacted by the Covid-19 crisis.

No payments are due in the first six months of the new loan program, which is part of the existing county revolving loan fund. The loan will be amortized over three years and the interest rate is expected to be 2.5 percent. Loan fund requests are expected to be in the $5,000 to $25,000 range with the ability to go higher in special circumstances. The total available is approximately $350,000. The deadline to submit an application is May 12 or until the loan is exhausted.

“We know there is a lot of pain with our local businesses as we all try to get through the coronavirus and we hope these loans can help some businesses at least a small way,” said revolving loan board chairman Tim Horner. “We want to thank County Commissioners Miles Kessinger, Jeff Snyder and Angela Harding for being at the forefront of this loan fund concept, and we are thankful for the assistance of SEDA-COG, the Economic Development Administration and the support of the revolving loan board members.”

Funds can be used for working capital and can be disbursed based on past working capital expenses. SEDA-COG will review any applications and make recommendations to the county revolving loan board, who then make a recommendation to the county commissioners.

For more information or an application form, those interested should contact Mike Flanagan of the Clinton County Economic Partnership at ceo@clintoncountyinfo.com or at 570-748-5782 (leave a message if need be). SEDA-COG’s John Reichard can also be contacted at jreichard@seda-cog.org