
The First Frontier Blair County Micro-Loan Program was created in December of 2018 to meet the needs of small businesses and entrepreneurs that are vital to our local, regional and global economies. The initial funding was through the Blair County Commissioners with an additional contribution in June of 2020 from the Norfolk Southern Foundation. Details on the program are below, please contact our First Frontier Financing Team via email by clicking one of our team members name’s; Tom Seasoltz or Renae Lynn or call 814-944-6113 to get started.
Blair County Micro-Loan Parameters:
Loan Amounts: | $5,000 to $20,000 |
Job Requirements: | 1 job created or retained per loan |
Eligible Uses: | Real Estate / Renovations Equipment Working Capital |
Interest Rates: | Prime – 750+ Prime + 1 – 661-749 Prime + 2 – 600-660 |
Terms: | Working Capital – 0-3 Years Equipment – 0-5 Years Real Estate – 0-7 Years |
Collateral Required : | Personal Guarantee Highest lien position/mortgage available |
Fees: | $100 Application Fee $100 Closing + Filing Fees |
Documents: | Blair County Micro-Loan Framework (pdf) Blair County Micro-Loan Application (pdf) |
The City of Altoona’s Economic Recovery Grant Program was created in September of 2020 to meet the hiring needs of small for-profit businesses located within the City of Altoona. The funding is made possible through an allocation of the City of Altoona’s CARES Act/COVID-19 Community Development Block Grant (CDBG) Relief Act funds. Applications are being processed by the Altoona Blair County Development (ABCD) Corp. in partnership with the City of Altoona. All allocations of grant funds will come directly from the City of Altoona.
Details on the program are below. Please complete all of the required documents and then scan and email to RapidResponse@abcdcorp.org. If you have any questions on the program please email RapidResponse@abcdcorp.org.
City of Altoona Economic Recovery Grant Parameters:
Eligible Companies: | – A for-profit business located in the City of Altoona – Less than 50 employees |
Grant Amount: | – $3,000 per qualified full-time equivalent (FTE) hire – Maximum of 3 grants per business ($9,000 total) |
Job Requirements: | 1 full-time equivalent hire per $3,000 grant. |
Match: | None |
Employee Eligibility: | – Hired on or after September 9, 2020 – Paid less than $36,350 per year – Full-time Equivalent (FTE) = 1 full-time employee or 2 part-time employees – Household income negatively impacted after March 1, 2020 by COVID-19 pandemic |
Documents: | City of Altoona Recovery Grant Application (pdf) How to Apply for a DUNS Number (pdf) |
The Tyrone Borough Micro-Loan & Grant Program was created in July of 2020 to meet the needs of small for-profit and non-profit businesses located within the Borough of Tyrone. The initial funding was made possible through the Tyrone Borough Council.
Details on the program are below, please contact our First Frontier Financing Team via email by clicking one of our team members name’s; Tom Seasoltz or Renae Lynn or call 814-944-6113 to get started.
Tyrone Micro-Loan Parameters:
Eligible Borrowers: | Any for-profit or non-profit business located in the Borough of Tyrone |
Loan Amounts: | $5,000 to $20,000 |
Job Requirements: | 1 job created or retained per loan |
Match: | None |
Eligible Uses: | Real Estate / Renovations Equipment Working Capital |
Interest Rates: | 2.00% – 750+ 3.00% – 661-749 4.00% – 600-660 |
Terms: | Working Capital – 0-3 Years Equipment – 0-5 Years Real Estate – 0-7 Years |
Collateral Required : | Personal Guarantee Highest lien position/mortgage available |
Fees: | $100 Application Fee $100 Closing + Filing Fees |
Documents: | Tyrone Micro-Loan Framework (pdf) Tyrone Micro-Loan Application (pdf) |
Tyrone Micro-Grant:
PROGRAM CLOSED: Please note that as of August 28, 2020 the program funding for the grant portion has been exhausted.
The nonprofit Pennsylvania 30 Day Fund was launched by Jeff Bartos, Richard Phillips and Roger Braunfeld. Working with other business leaders throughout the Commonwealth, the Fund’s goal is to help save as many Pennsylvania jobs as possible while small businesses await recently approved federal funding.
Pennsylvania businesses that qualify for assistance from the Fund are:
The funds dispersed to small businesses by the Pennsylvania 30 Day fund do not need to be repaid. If businesses who receive the Fund’s assistance do, at a later date, wish to “pay it forward” to another Pennsylvania small business in need of assistance, they may do so by directing those dollars back to the Fund, which will disburse the funding to another Pennsylvania business in need.
Main Street Lending Program
The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). Term sheets for each facility and Frequently Asked Questions (FAQs) providing more information regarding eligibility and conditions can be found by visiting the Federal Reserve Main Street Lending Website.
- How do eligible borrowers apply? Once the Program is operational, small and medium-sized businesses interested in the Program can apply for Program loans by contacting an eligible lender. A description of eligible lenders can be found in the Program term sheets.
- What documents should eligible lenders prepare? The Federal Reserve will publicly issue a form loan participation agreement, form borrower and lender certifications, and other form agreements that are necessary to implement the Program in accordance with the term sheets. The Federal Reserve will not provide form loan documents for eligible lenders to use when making eligible loans to eligible borrowers. Rather, eligible lenders should provide these documents. Loan documents related to any loans that are participated to the SPV must reflect the terms of the Program.
Main Street New Loan Facility (MSNLF)
Main Street Priority Loan Facility (MSPLF)
Main Street Expanded Loan Facility (MSELF)
Main Street Lending Program Frequently Asked Questions (FAQs)
Visit www.FirstFrontier504.com
CURRENT SBA504 RATES:
25 Year FIXED rate as low as 2.696%
20 Year FIXED rate as low as 2.658%
10 year FIXED rate as low as 2.450%
Eligible Applicants & Uses:
- Business Entity Classified as Small Business
- For-Profit Corp., Partnership, LP, LLC or Proprietorship
- Land Acquisition
- Building Construction & Renovations
- Building Purchase
- Leasehold Improvements
- Equipment
Business Benefits:
- Low Down Payment – lets you preserve your cash for your working capital.
Competitive Interest Rate – typically below bank rates. - Fixed Interest Rate – for the life of the loan of either 10 or 20 years.
- Additional Program Benefits: Available for women, veteran and minority-owned companies, export related companies, green buildings and businesses in rural communities.
Bank Benefits:
- Increase your loan portfolio’s profit while reducing risk.
- Make larger loans beyond current 7a limits.
- ABCD Corp. handles all SBA application processing, approval and loan servicing.
Contact your First Frontier 504 expert Matt Fox today!!!