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Financing Programs for Businesses Impacted By COVID-19

Conshohocken Revolving Loan Fund

The Borough of Conshohocken Council, Greater Conshohocken Economic Development Council (GCEDC), and the Redevelopment Authority of Montgomery County (RDA) are pleased to offer local loan opportunities to Conshohocken Borough businesses affected by COVID-19. These loans are funded by the GCEDC and the RDA and will be processed on a first-come/first served basis. Loan requests will be capped at $50,000. Loan rates will be set at 2.75% and will be for a max of 24 months. 

How To Apply 

Please complete the Conshohocken Revolving Loan Fund Application and provide all necessary documents. All applications and supporting documents must be submitted to the Borough of Conshohocken electronically via email to aflounders@conshohockenpa.gov. The GCEDC and RDA will review completed applications for approval. 

Questions regarding the Conshohocken Revolving Loan Fund can be directed to: 

Allison Flounders
Borough of Conshohocken
aflounders@conshohockenpa.gov
610-828-1092x100 - Please leave a voicemail and your phone call will be returned 

Julian Miraglia
Chair of the GCEDC
caesere@aol.com
610-405-8158

MontcoStrong Small Business Grant Program – Round 2

Montgomery County is providing $5 million in economic development funds to provide grants to eligible small businesses through Round 2 of the MontcoStrong Small Business Grant Program.  Round 2 grant awards will once again be administered by the Redevelopment Authority of Montgomery County in partnership with the Montgomery County Board of Commissioners and the Montgomery County Commerce Department. The purpose of the small business grants are to provide businesses in Montgomery County with financial support as relief due to disruptions caused by the COVID-19 global pandemic.

Eligible applicants for Round 2 may apply for a grant to cover the following costs:

  • Accounts payable, including utilities, vendors, suppliers, and working capital expenses, between May 1, 2020 through September 30, 2020.
  • Rent/mortgage payments between May 1, 2020 through September 30, 2020.
  • Debt service payments on loans and credit cards (may not exceed more than 25% of total grant award) between May 1, 2020 through September 30, 2020.

How To Apply 

The updated eligibility criteria, program information, program guidelines, program FAQ, and application instructions can all be found here.

Applications will be accepted beginning at 10:00 AM on Wednesday, May 13, 2020 and the application window will close at approximately 6:00 PM on Wednesday, May 13, 2020. Applications may not be submitted online prior to 10:00 AM on Wednesday, May 13, 2020.

*Note: Applicants who applied in Round 1 and who did not receive a grant will need to apply in Round 2 due to the changes in program eligibility and the new tiered grant award system.  Those who did receive a grant in Round 1 are not eligible to apply in Round 2.

Small Business Administration (SBA) Economic Injury Disaster Loan Program

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Additionally, in response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

How To Apply 

Applicants can apply online through the SBA’s website here. Applicants can find all credit requirements, loan interest rates, terms, amount limits, and eligibility restrictions, etc., by viewing the SBA Economic Injury Disaster Loans Fact Sheet, which can be found on the SBA website.

Application Filing Deadline: December 21, 2020

For the SBA disaster assistance customer service center, please contact: 

SBA Resources 

COVID-19 Working Capital Access (CWCA) Program

*Please be advised that as of March 31, 2020, the state is no longer taking applications for the CWCA program through PA DCED. See notice from Montgomery County here.*

The CWCA Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak. Working capital (for purposes of this program) is considered capital used by a small business for operations, excluding fixed assets and production machinery and equipment. The maximum loan amount is $100,000. 

No match is required except for retail/service enterprises in which case the program can finance 50% of eligible working capital costs up to $100,000. The interest rate is zero percent (0%) except for agricultural producers, in which case the interest rate will be two percent (2%). The terms are three (3) years. There are no payments for the first twelve (12) months.  

Questions about the CWCA program can also be directed to 717-783-5046 or at or ra-cwcainfo@pa.gov.

 

Questions regarding the information above may also be directed to Allison Flounders through email at aflounders@conshohockenpa.gov or through phone at 610-828-1092 ext. 100. Please leave a voicemail and your phone call will be returned. 

 

 

Contact

Borough Administration
400 Fayette Street, Suite 200
Conshohocken, PA 19428

Phone: (610) 828-1092
Fax: (610) 828-0920

Police
Phone: (610) 828-4032
Emergency: 911
Fax: (610) 828-5243

Hours

Administration
Monday - Friday, 8:30 a.m. - 4:30 p.m.

Police (Non-Emergency)
8:00 a.m. - 4:00 p.m.