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Commercial Loan Program

The City of Lock Haven Commercial Loan Committee has revised their existing loan program to adapt to the needs of business during the COVID-19 pandemic. This program will offer a 3% interest rate on business loans up to $50,000. Eligible uses include working capital, machinery and equipment, and real estate and improvements. Loans will be offered until December, at which time the Committee will review the needs of the community and choose to extend the program.

Loans are only available to businesses within the City of Lock Haven.

Applications will be reviewed by the Commercial Loan Committee in collaboration with SEDA-Council of Governments on a rolling basis. Please submit applications to Abigail Roberts, Planner & Development Coordinator, by email at aroberts@lockhavenpa.gov or by mail to 20 E Church Street, Lock Haven, PA 17745. Any questions or concerns can also be directed to Abigail Roberts by email or phone at 570-893-5903.

For more information about the Commercial Revolving Loan please contact the City Planner at (570) 893-5903.  Commercial Loan Application

PURPOSE/GOAL

To establish a below market interest rate loan program for small business to improve their facilities; for the expansion of existing firms; and the start-up of new businesses in the City of Lock Haven.

ELIGIBILITY

All new and existing small private businesses within the City of Lock Haven are eligible to apply provided:

the private business will employ 50 or fewer new employees;

has less than $1 million in projected gross revenues;

has, or will utilize, technological innovations and commercialization of new products that can be produced/manufactured in rural areas; and new processes that can be used in such production.

Loans will be made for improvements to facades; interior renovations; additions, purchase and installation of machinery and capital equipment; working capital; and payment of professional fees such as architects/engineers, surveyors, appraisers, accountants, attorneys, etc.

Small business owners and renters may apply, if they own the property or have a long term lease on the property for the same period as the term of the loan.

Applicants must be credit worthy and the purpose of the loan must be economically feasible. Applicants must demonstrate their credit worth and the ability to repay the loan.

Applicants must participate with the Lock Haven University Small Business Development Center if so requested.

STANDARDS

Loans may be made at below market interest rate, simple interest, and may be as low as 3% per annum.

The term of the loan will normally be three (3) years for working capital, five (5) years for machinery and equipment and seven (7) years for real estate and improvements.

The maximum amount of the loan cannot exceed the lessor of: (a) 50% of the total financing, minus the cash equity or (b) $50,000. If applying to more than on Clinton County based loan program, the total amount of requested funds from all programs cannot exceed 50% of the total financing, not including equity.

The use of the loan funds from the Commercial Revolving Loan Program must be related to the creation or retention of jobs. One full time job equivalent has to be created or retained for each $10,000 of Revolving Loan Funds or fraction thereof.

Equity will normally be 10% of the total project cost, as determined in the financial analysis on a case by case basis. Equity may be ownership of the property or capital equipment in the case of existing firms, and in the case of new or start-up firms, equity must be in the form of cash.

APPLICATION PROCESS

The Lock Haven Commercial Loan Program Committee will administer the Commercial Revolving Loan Program on behalf of the City of Lock Haven. The Lock Haven Commercial Loan Program Committee establishes the rate and term and approves all loans.

  • NOTE:             The processing of a loan application will take, on an average, 30-45 days from the time the loan application is submitted to the City to loan closing.

An applicant may request a Letter of Non-Prejudice which would allow the applicant to proceed at their own risk; the risk that this loan may not be approved or that funds may not be available. Approval of this non-prejudicial request is not to be considered an approval of the application or a determination of eligibility. The loan application will be considered in the same manner as all other Commercial RLF applications.

Application forms may be obtained from the City Planning office. Completed applications must be returned to the City Planning office, accompanied by the following additional documentation:

  1. Attach a brief business plan which describes the background and history of the company, products produced, market area, employment history and projects, and an analysis of what the proposed project will accomplish.
  2. Attach a copy of the deed to the property.
  3. Attach a copy of the existing lease agreement, if applicable.
  4. Attach a copy of the architectural plans for renovations, etc., if applicable.
  5. Attach a contractor’s bid for construction or renovation work, if applicable.
  6. Attach a quotation from a supplier and installer for new machinery and equipment, if applicable.
  7. Attach a copy of the articles of incorporation, partnership agreement, or other documentation evidencing ownership.
  8. Provide a complete listing of all inventory/equipment, including model number, serial number, etc., owned by the business.
  9. For acquisition projects, attach a copy of a recent appraisal of the property in question.
  10. If applicable, attach a bank commitment letter for the project cost balance.
  11. For existing companies, please submit the Federal Tax Returns for the past two years or audited financial
  12. Attach a three-year cash flow and pro forma for this project, showing the new debt service and a listing of the assumptions.
  13. Personal financial statements will be required of principals in partnerships, proprietorships or closely held corporations.
  14. Attach a resume for all persons listed as principals, including their background experience.

APPLICATION FORMS WILL NOT BE PROCESSED UNLESS THE CITY PLANNING OFFICE RECEIVES COMPLETE APPLICATIONS AND ACCOMPANYING DOCUMENTATION IDENTIFIED IN ITEMS (1) THROUGH (14).

There are no service fees required for the processing and approval of the loan. However, the cost of the Lock Haven Commercial Loan Program Committee’s attorney fee will be paid for by the applicant at the time of the closing. This fee will be for the preparation of the loan documents and recording of the instruments.

SEDA-COG will act as the financial advisor to the Lock Haven Commercial Loan Program Committee. All applications will be forwarded to SEDA-COG for determination of the economic feasibility of the project. SEDA-COG will determine the credit worthiness of the applicant and will make a recommendation of the amount of the loan, interest rate and the term of the loan for consideration by the Committee.

If an application is not recommended by SEDA-COG, a written explanation will be given to the Lock Haven Commercial Loan Program Committee. The Committee will review this decision and make a final determination.

After approval by the Lock Haven Commercial Loan Program Committee, the loan applicant is notified in writing and closing is scheduled.

LOAN APPROVAL

All loans shall be secured by lien positions on collateral at the highest level and priority which can accommodate the borrower’s ability to raise sufficient debt and equity capital. The Committee may accept less than first position on any collateral, but will only accept a position that will protect the financial interest of the Committee’s Program.

There will be loan guarantees required from the corporation, partnership and the principals. These guarantees will be required on all loans. Personal guarantees may also be required, up to the amount of the loan.

Any attorney’s fees required to close the loan, prepare the note, etc. will be paid by the borrower. The attorney for the Lock Haven Commercial Loan Program Committee will prepare all loan documents and a mortgage note will be recorded.

The borrower will sign a loan or investment agreement with the Lock Haven Commercial Loan Committee and it shall contain a provision that, if the business relocates outside the City of Lock Haven prior to the term of the loan, the outstanding balance of the loan is due and payable within 60 days.

The activity financed by the loan cannot commence prior to the loan closing. Any activity financed by the loan which is commenced prior to the loan closing will be deemed ineligible. For construction and/or renovation projects, a pre-construction and post-construction site visit will be made by City staff.

At closing, loan funds will be issued in the name of the borrower and contractor/vendor jointly. The activity financed by the loan or investment shall commence within thirty (30) days of approval of the loan and the project shall be completed within 180 days.

The applicant will be advised that all of the provisions in the loan agreement must be fulfilled and the Committee or its representative will monitor the progress of the loan recipient’s project, will enforce compliance with the terms of the agreement, i.e. job creation and retention, etc. Quarterly financial reports must be submitted along with an annual report and any other information deemed necessary by the Committee to administer the loan program. An annual on-site visit will be made to each approved project.

The combination of loan funds for construction and/or renovation projects cannot exceed the lessor of: (a) 50% of the total project cost; or (b) $50,000.

NONDISCRIMINATION STATEMENT

In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discrimination on the basis of race, color, national origin, sex, age, or disability.  To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).  Commercial Loan Application

For more information about the Commercial Revolving Loan please contact the City Planner at (570) 893-5903.