PIDC Emerging Business Guarantee Program

BACKGROUND

The Emerging Business Guarantee Program is a partnership between PIDC and Valley Green Bank and United Bank to improve capital access for small businesses in Philadelphia.

USES

Funds are available for a broad range of activities including working capital and capital improvements.

FINANCING

PIDC will guarantee up to 50% of the loan balance.

• Minimum Loan Amount:  $100,000.
• Maximum Guarantee Available:  $250,000.
• Loan Terms:  To be determined by the lender and subject to PIDC approval.
• Guarantee Term:  Up to 5 years.

APPROVED LENDERS

PROCESS AND TIMING

Transaction cycle is 90-120 days and starts when an eligible borrower applies for financing to an approved lender – United Bank of Philadelphia or Valley Green Bank. The approved lender will then submit a Guarantee Application and supporting documentation to PIDC for underwriting and approval.

Up to 1.75% of the guarantee amount, due at loan closing.

For more information, contact Susan Lowry, 215-496-8161, slowry@pidc-pa.org .