Financing

The Beaver County Corporation for Economic Development operates a revolving loan fund program known as the Business Development Fund (BDF). The BDF is designed to assist business growth and job creation in Beaver County by making below market rate loans for investments in fixed assets. Additionally, CED is the Beaver County loan originator for Small Business First (SBF).

BDF eligible applicants include industrial, manufacturing, research and development, and export service enterprises. Funds can be used for machinery and equipment, acquisition of land and/or buildings, construction, improvement, or rehabilitation of buildings, and improvement to real property.

SBF eligible applicants are similar to BDF but also can include agricultural enterprises, research and development, advanced technology and computer-related services, environmental compliance/pollution prevention; municipal or commercial recyclers; defense-related; and in certain circumstances include child development, construction, destination hospitality businesses.

Applicants must provide at least 50% (and possibly as little as 15% when both loan programs are used) in private financing or equity. Borrowers must certify to create or retain one full time job over a three year period for each $25,000 borrowed. The maximum loan amount available from these two loan program is $250,000 from the BDF and $200,000 from the SBF.

The current loan interest rate is 4%, fixed. Terms are fifteen (15) years for land and building, seven (7) years for equipment and two (3) years for working capital (SBF only). A detailed program description can be obtained by contacting CED.