West Chester, Pa (September 14, 2022) –Small businesses in Chester County will have more opportunities to access loans and financing thanks to investments from the American Rescue Plan, U.S. Rep. Chrissy Houlahan and state Senator Carolyn Comitta announced today.
The Chester County Economic Development Council (CCEDC) was recently awarded $20 million in federal funding to help spur economic growth and job creation opportunities through equity investments and loans to small businesses.
“Small businesses are a leading force for job creation and economic opportunity within our community,” Comitta said. “This investment continues to support and grow Chester County’s ability to succeed as a home for innovation, enterprise, and entrepreneurship.”
“When it comes to supporting our small businesses, resources are more important than rhetoric,” said Houlahan. “In the midst of the pandemic when our small businesses were disproportionately hurt, I voted for the American Rescue Plan to deliver relief to our community. Now, as inflation pressures remain top of mind for small business owners, I’m glad to see these federal funds coming to Chester County to help keep Pennsylvanians on payroll and keep our Main Streets open for business.”
CCEDC will use the funding, which comes through the State Small Business Credit Initiative (SSBCI), to create or recapitalize revolving loan funds to support financing for small businesses.
Applications for funding through the Chester County Economic Development Council and other economic development partners are scheduled to be open to businesses by October 17, 2022.
“We are delighted to be awarded these funds through the Pennsylvania Small Business Credit Initiative,” said Gary Smith, President & CEO of the Chester County Economic Development Council. “This award will allow us, in partnership with seven other county-wide economic development partners, to make critical investments in local small businesses of all kinds as they continue to grow and recover from the pandemic and its economic impacts. In particular, expanding credit access to socially and economically disadvantaged groups is a strategic priority of our organization, and we are pleased that this program, which will offer below-market, fixed-rate small business loans, enables us to make those investments on an even larger scale.”
For more information on this program and other financing opportunities from Chester County Economic Development Council visit their website.