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We will be conducting a webinar to help businesses navigate the application process for the $225 million in funding from the Commonwealth that will be available through the following programs:
$100 million for the Main Street Business Revitalization Program for small businesses that experienced loss as a result of the governor’s March 19, 2020 order relating to the closure of all non-life-sustaining businesses and have or will incur costs to adapt to new business operations related to COVID-19;
$100 million for the Historically Disadvantaged Business Revitalization Program for small businesses that experienced loss as a result of the business closure order, have or will incur costs to adapt to new business operations related to COVID-19, and in which socially and economically disadvantaged individuals own at least a 51 percent interest and also control management and daily business operations.
$25 million for the Loan Payment Deferment and Loss Reserve Program, which will allow the CDFIs the opportunity to offer forbearance and payment relief for existing portfolio businesses that are struggling due to the impact of COVID, as well as shore up the financial position of the CDFIs that are experiencing significant increased defaults in their existing loan portfolios.
Applications will be processed via the PA CDFI Network, a group of 17 PA-based community development financial institutions that primarily provide financing options for small businesses. Unfortunately Chester County does not have a CDFI within its borders so we want to ensure that our businesses know how to complete an application and the options for submitting their requests.