City of Lock Haven Offers Commercial Loan Program | News, Sports, Jobs
LOCK HAVEN – The City of Lock Haven Commercial Loan Program was established in 1997 when the city received a $500,000 grant from the United States Department of Agriculture. Since then, loan funds have been provided to 47 local businesses for a total of nearly $2 million. These funds have helped businesses open their doors, renovate buildings, purchase new equipment, and more! Additionally, loan funds were used to create 177 full-time and part-time jobs and helped retain 222 full-time and part-time jobs, helping our local economy.
The Commercial Loan Program provides affordable loans to businesses in the city through a simple, personalized application process. Businesses can request a maximum of $50,000 or 50% of the total project cost to be used for working capital, machinery and equipment, and/or real estate and improvements. The loans are offered at an interest rate of 3%. All applicants are required to create or maintain employment for every $10,000 of loan funds and to inject 10% equity into the project.