Also offered by WCCED, the CDFI-Tech 21 Loan Program 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 $100,000.00.  The interest rate is six percent.  Loan terms are determined by the life of the asset involved or the type of transaction financed.  In no case, however, will the loan exceed 10 years.  The CDFI-Tech 21 program subordinates security to the participating bank.

Eligible uses of the financing include working capital; purchase of inventory; purchase order financing; acquisition of asses, including real estate assets; business acquisition; 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 borrowing.  Again, additional information and loan applications may be obtained by calling (724) 225-8223.