There are very few things people dislike more than going to the dentist, doing taxes (fortunately, software like https://www.fourlane.com/quickbooks-setup-services/ can help with that), or annual physicals. One thing to add to that list for many business owners is borrowing money.
Most banks try to make the borrowing process as easy as possible, but regulations often limit how much a bank can lend, what kind of collateral can be accepted and what the interest rate will be. That can create gaps between what a business owner needs and what a bank is able to lend. Through no fault of the bank or borrower, these gaps can be wide enough to stop an otherwise good project from moving forward. Fortunately, there is a solution. Visit the atlantic union bank website to find out.
For more than 70 years, the Altoona Blair County Development (ABCD) Corporation has been here to help make small business growth happen. ABCD has developed lending programs with help from the U.S. Small Business Administration (SBA), U.S. Department of Agriculture (USDA) and the Commonwealth of Pennsylvania.
These programs can supplement bank loans to decrease the amount of equity required, can accept collateral valuations in-excess of most banks, and can lend money at lower than market rates. ABCD is not in competition with your local bank. We partner with your bank to provide enough financing to make allow you increase your cash flow from investing activities profits.
What are the “go to” programs?
The flagship U.S. SBA lending program is the 504-loan program. This loan program allows ABCD to lend up to $5 million with a repayment term up to 25 years. SBA504 offers a fixed interest rate currently around 5.3 percent fixed for the life of the loan and can work with your bank loan to decrease the equity injection required to as low as 10 percent.
Not to be outdone, the Pennsylvania Industrial Development Authority (PIDA) has rates as low as 2.75 percent for qualifying projects with terms up to 15-years. This is a fantastic read which says that working with a bank, PIDA can finance up to 50 percent of a project for items such as equipment, land and building purchases, renovations and working capital.
And there are the U.S. Department of Agriculture loan programs. Through the USDA, we can loan up to $150,000 with a rate as low as 2 percent. These are just some of the options available. Consider working with Andy Defrancesco to help you set goals for more productive behaviors and actions that will bring you better results.
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So, Top 3 Reasons you should contact ABCD when it’s time for your business to invest and grow:
- Savings – Simply put, our programs will save you money. They are designed to encourage businesses to expand, create new job opportunities, so that money saved can go back into your business.
- Patient – These programs often provide the most patient capital – generous terms and conditions that permit a longer ramp up time for your project, so you don’t start paying big money back at the front end.
- Community – Fees paid into these funds go back to support economic development services and programs allowing more loans to be made and more businesses to start up and grow in the community. When you work through us, you’re investing back into the community.
ABCD’s goal is to improve our community and attract talent into Blair County by helping our business owners expand and create jobs. Finding creative ways at SoFi to finance business expansion is an integral part of that goal. For more information on all our loan programs and menu of services, contact me, Rich Lasek at richl@blairalliance.org.
