As the Titusville Community Development
Agencies
we administer The Greater Titusville
Development Foundation, Enhance Titusville Inc
(ETI), Titusville Economic Development Corporation
(TEDCo),
 Titusville Industrial Fund Incorporated (TIFI),
and Titusville Redevelopment Authority (TRA).
 

 

 
   


     
 

 

 
                      
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 Business Relief for small businesses financially effected by COVID 19

Below is a fact sheet that will help you determine if you are qualified.

Below that is more information about the application process.

 
 

   COVID-19  Working Capital Access (CWCA) Program
Pennsylvania Department of Community and Economic Development Program

 
                                 ELIGIBLE COSTS
Working capital, which for purposes of this program
is considered capital used by a small business for operation,
excluding fixed assets and production machinery
and equipment.

LOAN AMOUNTS, MATCHING INVESTMENTS, JOB-
REQUIREMENTS

  • The maximum loan amount is $100,000
  • No match is required except for retail/service
    enterprises
    in which case the CWCA program can
    finance 50% of eligible working capital costs up
    to $100,000
  • There are no job retention/creation requirements.

INTERTEST RATES AND TERMS

  • Interest Rate - Zero percent (0%) except for
    agricultural producers, in which case the interest rate
    will be two percent (2%)
  • Terms - Three (3) years with a 12-year amortization.
    In addition:
    • No payments will be due and payable during the
      first year.
    • Principal and, if applicable, interest payments will be
      due monthly for years two and three.
    • A balloon payment will be due and payable at the
      end of the third year.

         COLLATERAL

  • The loan shall be secured by a  blanket lien on all
    business assets currently owned or acquired in the
    future at the highest lien position available.
  • The loan shall be guaranteed by an individual or
    entity with a 20% or greater ownership interest in
    the eligible business enterprise.
  • HOW TO APPLY

    PIDA
    partners with a network of nonprofit organizations
    called certified economic development organizations
    (CEDOs)
    to administer the CWCA loan program.
    Generally, the CEDOs service a one county area or a
    multicounty region, and work directly with the applicant
    company to package and underwrite the loan application.
    The loan application is submitted to the PIDA Office by
    the CEDO for final approval.

    You can determine which CEDO(s) serve your business's
    county and view additional information about the CWCA
    program at dced.pa.gov/CWCA.

    WE ARE A CEDO OF CRAWFORD COUNTY
    You may contact us by email at
    lbaker@tcda.org
     

     

 
  
 
         

Administered by the Pennsylvania Industrial Development
Authority (PIDA), the COVID-19 Working Capital Access Program
(CWCA) provides critical working capital financing to small
businesses located within the commonwealth that are adversely
impacted by the COVID-19 outbreak.

All CWCA loan application must be submitted through a
Certified Economic Development Organization (CEDO). For the
list of CEDOs operating within Pennsylvania please refer to
dced.pa.gov/CWCA.

ELIGIBLE BUSINESSES
A for-profit corporation, limited liability company, partnership
proprietorship or other legal business entity located in the
Commonwealth of Pennsylvania and having 100 or fewer full-time
employees worldwide at the time of submission of the application.

DEFINITIONS FOR THE CWCA PROGRAM

  • A retail/service enterprise is defined as a
    for profit business entity that is involved in
    the business-to-business service, business-
    to-public service, mercantile, commercial,
    or point of sale retail sectors.
  • Am agricultural producer is defined as a
    business involved in the management and
    use of a normal agricultural operation for
    the production of a farm commodity. A
    "farm commodity" is any Pennsylvania-
    grown agricultural, horticultural, aqua
    cultural, vegetable, fruit, and floricultural
    product of the soil, livestock and meats,
    wools, hides, furs, poultry, eggs, dairy
    products, nuts, mushrooms, honey
    products and forest products.

 
               
               
               


 110 W. Spring St., 2nd Floor, PO Box 425, Titusville, PA 16354                                                814-827-3668

 


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