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, 2024 statement of profit and loss. 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 2024 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 your 2022 and 2023 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.