City of Lock Haven Provides Two Assistance Programs for Small Businesses

LOCK HAVEN – The City of Lock Haven is offering two programs to assist small businesses, both set up in the wake of the coronavirus pandemic which has caused widespread damage to business big and small all across the country.

City Manager Greg Wilson provided therecord-online this update on the Lock Haven programs, noting, “The city, like the county, has two sources of funds to aid small businesses as they respond to and try to overcome businesses challenges brought on by the pandemic response.”

First, grants. Both the city and county received individual allotments of CDBG-CV (federal Community Development Block Grants funds under the CARES Act). The city has chosen to use these funds as grants to qualifying businesses within the city which can be used for a variety of purposes to sustain future operations. Grant applications must be turned in by this coming Thursday, June 11, at 5:00 p.m. to City Planner Abbey Roberts. Contact Roberts at (570) 893-5903 or on the city’s website at lockhavenpa.gov/cdbg-cv-wave-1. Tom Keiffer, Director of the Penn State Small Business Development Center (SBDC), can help guide any interested business through the short application process through the SBDC’s Lock Haven office.

Second, low-interest loans. Both the city and county have provided special low-interest loan programs through their respective business development loan funds. For the city, it is providing loan at 1% interest for 3 years, with the first 6 months with no payments. Up to $50,000 per applicant is available to be used for working capital. For some businesses, this can provide a much-needed influx of cash to help sustain operations and purchase supplies, especially those now required to reopen under Department of Health guidelines. For restaurants looking to expand seating on Fridays and Saturdays during the closure of E Main Street and Grove Street, this low-interest loan can be a way to purchase the needed equipment and supplies to accommodate this new opportunity without having to make payments for the first 6 months. For more information, contact the City Planner at the contact info above or visit the city’s website at lockhavenpa.gov/development/business-loan-program

Wilson said both are limited pools of money, so interested businesses should move quickly to contact City Planner Abbey Roberts and work with Tom Keiffer at the SBDC to navigate the process. He said, “The leadership of the City of Lock Haven is dedicated to doing all it can to support the local businesses that are part of the character and contribute to the success of the place that we love to call home.”