Program Information:
- Financing for real estate, leasehold improvements, equipment and working capital

- The program accepts subordinate lien positions which accommodate other financing
- Below market, fixed rate business term loans
- Flexible underwriting standards focused on repayment ability and borrower history
- Requires private lenders such as banks to be part of the project funding (1:1 Match)
- Amortization periods based on use of proceeds with a three-to-five-year balloon payments
- Program focused on providing capital to disadvantaged borrowers and businesses in CDFI-designated areas (City of Reading) but available throughout Berks County.
Program Requirements:
- Historic business financial data for existing businesses and/or business plans for new and expanding businesses
- Historic personal financial and credit data for owners
- Ownership required to personally guarantee the loans
- For each dollar funded by the program, at least one dollar must be lent from a non-governmental source
Application checklist
View Checklist
View and print the checklist in PDF form.
☐ Application
☐ Schedule of loans and leases for any debt your business owns (form below). Do not include personal debt unrelated to the business.
☐ Tax returns for all businesses in which you own 20% or more of the business. Electronic copies preferred.
☐ A year-to-date profit and loss statement. This does not have to be accountant prepared, a company prepared statement from QuickBooks or similar software is acceptable.
☐ Current agings for accounts payable and accounts receivable dated as of the same date as the year-to-date statement of profit/loss.
☐ If loan funds are to be used to renovate or acquire real estate, acquire any furniture, equipment, inventory or other items, please provide copies of agreement of sale, quotes or invoices as appropriate.
☐ If your business operates under a contract or contracts for goods or services, please provide copies of those contracts.
☐ If available, any marketing or informational materials for your business.
☐ The attached personal information form for each person who owns 20% or more of the business.
☐ A personal financial statement for all owners greater than 20% (SBA form 413 attached or you may submit a standard bank personal financial statement. If married, complete joint with both signatures. This does not obligate your spouse to guarantee the loan but allows us to take into consideration other household income and assets as part of the decision process.)
☐ Full copies of the last two years of your personal tax returns including all schedules and exhibits. Electronic copies preferred.
Contact Us
Contact Kayla Hayick, Director of Lending and Business Outreach, at 610.898.7761.
spanish
For additional assistance in Spanish, contact Josie Boykins at 610.451.3239.
All applications will be underwritten by Chester County Economic Development Council (CCEDC) and will be reviewed by a Loan Committee consisting of a representative from each County. CCEDC will fund approved loans and will be responsible for all required documentation.
Examples of Past Projects:
LaFaver Family Farm:
Greater Berks Development Fund assisted Travis and Emily LaFaver to obtain funding of $180,000 from the PA Catalyst Loan Fund to help construct a steer barn on their Hamburg arm. Fulton Bank and the Farm Service Agency provided the balance of the funding towards this $524,000 project.
LaFaver Family Farm is a local direct to consumer retail beef operation. The meat has no injections, no hormones, and is non-GMO. The cattle raised on the farm are fed all natural feeds sourced directly from the land around the farm. They have around 70 Black angus and some Simmental cows which spend all summer grazing through the pastures with their calves enjoying the green grass and sunshine. Once the calves have reached around 1,200 lbs., they are ready for processing and are then available for sale in the retail stores in Hamburg and LaFaver Farm Meats in Wyomissing. In addition to beef, other local food products such as chicken, duck, pork items, dairy and cheese products, snack mixes, pickles, are available at the retail stores. The farm operation is run by Travis, his wife Emily and their three daughters.

The Inn on Main
The Inn on Main is located at the site of the former Oley Valley Inn. In recent years, the property has fallen in disrepair and had not operated as a restaurant. Greater Berks Development Fund assisted with financing of $550,000 through the PA Catalyst loan fund, for overall project costs of $1,100,000. Located at 401 Main Street, Oley, the building has undergone a significant renovation and is now operating as a full-service restaurant.
