North Central has approved EDA CARES Act loans of $ 880,000 through June 30 | news
RIDGWAY: “Did anyone else have frost this morning?” McKean County’s Chairwoman Commissioner Carol Duffy inquired as the meeting virtually began Wednesday morning for the North Central Pennsylvania Regional Planning and Development Commission. The meeting turned out to be short with 4 additional loans unanimously approved by the full board.
As of June 30, the board of directors had approved $ 880,000 in loans in 2021, which easily complies with federal policy that 50% of loan funds will be distributed in the first 6 months of the program. Applicants from all counties represented by North Central have been eligible for EDA CARES Act funding. Another four loans were approved at this virtual meeting. As the primary Local Development District (LDO) for Cameron, Clearfield, Elk, Jefferson, McKean and Potter counties, one of North Central’s primary roles is to provide funding to both businesses and communities in the area. On Wednesday, the North Central Board approved four loans to local businesses totaling $ 190,000 through the EDA CARES Act Relief Fund, which was set up last year in the wake of the COVID-19 pandemic. In addition, additional funding totaling $ 237,500 was provided through the USDA and ARC funds. The board unanimously approved all loans.
Harold Karschner, the owner of Protektor Model, of Galetown, Potter County, applied for a $ 100,000 loan from the EDA Cares Act fund. The term of the loan is seven years at an interest rate of 0.75%. The loan will be used to purchase equipment such as a CNC lathe, laser engraver, and sewing machine to make parts in-house and eliminate the need to outsource. This will resolve the outsourcing delays the company has experienced due to COVID-19.
Barnhart Davis LLC and Barnhart-Davis Company, the Ridgway Elk County’s NAPA business, applied for a $ 65,000 loan from the USDA fund. The term of the loan is 15 years at an interest rate of 2.5%. The loan will be used to expand the Ridgway NAPA business to provide additional space for parts warehouse storage and retail displays. It is estimated that six jobs will be retained, with several added over the life of the loan. An additional loan of $ 175,000 was also approved under the ARC Fund on the same loan terms.
Sidelinger Brothers Tool & Die, Inc. of Kersey, Elk County applied for a $ 40,000 loan from the EDA Cares Act fund. The term of the loan is seven years with an interest rate of 0.75%. The loan will be used to purchase equipment for the manufacturing plant. Three full-time positions will be retained, with the option of creating new positions over the term of the loan.
RTB2 Good Food, The Corner Market of Kersey, Elk County applied for a $ 50,000 loan. The term of the loan is five years at an interest rate of 0.75%. The loan will be used for inventory and working capital for the long-standing grocery store. It is expected that one full-time and 10 part-time positions will be retained over the life of the loan.
The next in-person board meeting for North Central will be on Wednesday, July 28th at the organization’s headquarters at Ridgmont Dive in Ridgway from 9:30 am and will also be virtual.