Lawrence County SSBCI Loan Program Guidelines

This document serves as a guide for the Lawrence County SSBCI Loan Program, which is a low-interest revolving loan fund aimed at assisting socially and economically disadvantaged individuals (SEDI) and very small business (VSB) owners in Lawrence County, Pennsylvania. The program, funded by the Commonwealth of Pennsylvania State Small Business Credit Initiative, provides loans ranging from $5,000 to $250,000 to eligible businesses for various expenses including machinery, equipment, building acquisition, and working capital. Eligibility criteria include a minimum FICO credit score of 620, a limit of 500 employees, and legal registration in Pennsylvania. The document outlines the specific requirements for SEDI applicants, detailing conditions that qualify individuals as socially or economically disadvantaged. It also lists eligible and ineligible uses of funds, application fees, loan terms, and the process for loan approval, which includes a review by the Loan Review Committee and final approval by the LCEDC Board of Directors.