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:

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, Rich Lasek or Renae Lynn or call 814-944-6113 to get started.

Tyrone Micro-Loan Parameters:

COVID-19 Relief Statewide Small Business Assistance

Overview

The COVID-19 public health crisis has impacted every Pennsylvanian in every community. The recently enacted state budget includes $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act (CARES).

Within this allocation, the Department of Community and Economic Development has been allocated $225 million for COVID-19 relief to small businesses through a distribution to Community Development Financial Institutions (CDFIs). For Blair County companies the CDFI is the Progress Fund – www.progressfund.org/grants-for-small-businesses/

Uses

DCED will distribute the funding to the Pennsylvania CDFI Network, which will then administer the funding in the form of:

• Grants to cover operating expenses for the duration of the shutdown and the transition period to re-opening
• Grants to cover technical assistance, including training and guidance, for business owners as they stabilize and relaunch their businesses
• Debt payment relief for CDFI Pennsylvania borrowers
• Loan loss reserves for CDFIs

The funds will be distributed in three ways:

• Main Street Business Revitalization Program: $100 million
• Historically Disadvantaged Business Revitalization Program: $100 million
• Loan payment deferment and loss reserve: $25 million

Eligibility

All businesses must apply through an eligible CDFI and meet the program requirements which, at a minimum, include:

• The business was in operation on February 15, 2020 and if required paid income taxes to the state and federal government, as reported on individual or business tax returns
• COVID-19 has had an adverse economic impact and makes this grant request necessary to support the ongoing operations of the applicant
• The grant will be used to cover COVID-19 related costs
• During the period beginning on June 1, 2020 and ending on December 31, 2020, the applicant has not and will not receive another grant under this state program

How to Apply

For Blair County companies contact the Progress Fund – www.progressfund.org/grants-for-small-businesses/

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)

• Term Sheet (April 30, 2020) (PDF)

Main Street Priority Loan Facility (MSPLF)

• Term Sheet (April 30, 2020) (PDF)

Main Street Expanded Loan Facility (MSELF)

• Term Sheet (April 30, 2020) (PDF)

Main Street Lending Program Frequently Asked Questions (FAQs)

• Frequently Asked Questions (April 30, 2020)

Visit www.FirstFrontier504.com

CURRENT SBA504 RATES:
25 Year FIXED rate as low as 2.23%
20 Year FIXED rate as low as 2.21%
10 year FIXED rate as low as 2.39%

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 Rich Lasek today!!!

First Frontier 504 Brochure (pdf)