News & Events

SEDA-COG Announces New Revolving Loan Fund

To assist small businesses in Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Perry, Snyder, and Union Counties, SEDA-COG has created a Revolving Loan Fund (RLF) Program.  Roughly $400,000 in new loan funds are available to for-profit companies in the 11 County SEDA-COG region.

Outlined below are terms and conditions that would be applicable in our initial underwriting process.  Please confirm if your business is interested in pursuing a loan through SEDA-COG ASAP.

  1. No payments will be due in the first six months of the loan after which payments will be amortized on a three-year term. Interest will continue to accrue during the first six months and will be added as a balloon payment as part of the last installment.
  2. The interest rate will be 3.25%.
  3. Funds may be used for a broad array of working capital purposes and can be disbursed based on past working capital expenses.
  4. Loans shall be secured by a blanket lien on business assets.
  5. Loans shall be guaranteed by all individuals or entities with a 20% or greater ownership interest.

There is a $500 underwriting/application fee plus UCC filing fee which is usually $100.  Those fees are charged once the loan funds are dispersed to the client and can be part of the loan proceeds.  Currently the expected minimum loan amount is $10,000.

To apply, e-mail Douglas Wilburn, Director, Business Finance Department, SEDA-Council of Governments at

We urge Centre County businesses to apply ASAP.  If the Revolving Loan Fund program is oversubscribed, this demonstrates the need for more small business assistance programs at the regional, state, and federal levels.  If the first round of the SEDA-COG Revolving Loan Fund is successful, it’s possible that additional funding could be developed.