CDFI-Tech 21 Loan Program

The CDFI-Tech 21 Loan Program, administered through WCCED, provides commercial loans to encourage the creation and growth of firms engaged in manufacturing, advanced materials, biotechnology, infotech and environmental technologies. The program provides secondary financing - up to 40 percent of a project's total cost - in amounts not to exceed $100,000. The interest rate is fixed and loan terms are determined by the life of the asset involved or the type of the transaction financed. In no case, however, will the loan exceed 10 years. The CDFI-Tech program subordinates security to the participating bank.

Eligible uses of the financing include: purchase of inventory, purchase order financing, acquisition of assets (including real estate assets), business acquisition, working capital, construction, repair or modernization and leasehold improvements. Prospective borrowers must demonstrate the job creation potential of their investment and pledge to place low-income, qualified residents in 30 percent of all new positions resulting from the use of the loan funds. Additional information and loan applications may be obtained by calling the WCCED office at (724) 225-8223, by email at wcced@washingtoncountypa.org, or through the web at www.washingtoncountypa.org.