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Cascade: No. 82, Winter/Spring 2013

Small Business Lenders Have Opportunities for Collaboration on U.S. Treasury Initiative (Supplemental Tables)

A PDF version PDF of these tables is also available. (140 KB, 7 pages)

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New Jersey State Programs Using SSBCI Funds
State Program
Geographic Area
Amt. Allocated
Planned Use of Funds
Contact
Loan to Lenders Program Statewide
*
Up to $750,000 in loans for community development financial institutions (CDFIs) that have a successful Loan to Lenders Program history with the NJEDA; or up to $500,000 in loans for CDFIs that don’t have a history in the Loan to Lenders Program. In both cases, the CDFIs offer term loans and lines of credit to microenterprises and small businesses that do not qualify for traditional bank financing. Lori Matheus
New Jersey Economic Development Authority
609-858-6655
www.njeda.com External Link
Small Business Fund Statewide
*
Up to $300,000 for small minority-owned or women-owned businesses in operation for at least one full year with credit scores greater than or equal to 700; up to $125,000 for small minority-owned or women-owned businesses in operation for at least one full year with credit scores greater than or equal to 650; up to $300,000 for not-for-profit organizations in operation for at least three full years and with acceptable debt service coverage. Lori Matheus
New Jersey Economic Development Authority
609-858-6655
www.njeda.com External Link
Main Street Business Assistance Program Statewide
*
This program provides financial support to commercial banks in New Jersey to provide financial assistance to small and mid-sized businesses and not-for-profit organizations with projects in New Jersey. The Main Street Business Assistance Program can provide direct loans, bank term loan participations and/or guarantees, and line of credit guarantees. Total NJEDA exposure under the Main Street Program cannot exceed 50 percent up to a maximum of $2 million.

Lori Matheus
New Jersey Economic Development Authority
609-858-6655
www.njeda.com External Link

Statewide Loan Pool Program Statewide
*
Under the Statewide Loan Pool Program, the NJEDA can participate in or guarantee up to 50 percent of a bank loan.

For fixed assets, the maximum amounts are a $1.25 million loan, $1.5 million guarantee, and $2.75 million in NJEDA exposure.

For working capital, the maximum amounts are a $750,000 loan, a guarantee of $1.5 million, and $2.25 million in NJEDA exposure. 

Lori Matheus
New Jersey Economic Development Authority
609-858-6655
www.njeda.com External Link
*The U.S. Treasury’s State Small Business Credit Initiative (SSBCI) Program is allocating a total of $33,760,698 to New Jersey. The allocation is made in three tranches. The New Jersey Economic Development Authority (NJEDA) manages its allocation within the SSBCI program’s categories for eligible use of funds: loan participations, venture capital, credit guarantees, and direct loans.
Pennsylvania State Programs Using SSBCI Funds
State Program
Recipient Organization
Geographic Area
Amt. Allocated*
Planned Use of Funds
Contact
Part 1 – Pennsylvania Department of Community and Economic Development Programs
Machinery and Equipment Loan Fund   Statewide $9 million Provides low-interest loan financing to eligible businesses acquiring and installing or upgrading new or used machinery and equipment. The terms are up to 10 years or the life of the machinery or equipment, whichever is less.  Applicants must be for-profit businesses or medical facilities with projects in Pennsylvania and must engage in one or more of the following: manufacturing, industrial processes, mining, production agriculture, information technology, biotechnology, services such as a medical facility, or other industrial or technology sectors. Kevin Rowland
717-720-1410
www.newpa.com External Link
Pennsylvania Ben Franklin Technology Partners and Life Science Greenhouses   Statewide $5 million Focuses on Pennsylvania’s high technology economy with a focus on small businesses and mostly start-up businesses. In the planned loan participation program, funds will initially be matched at the time of investment on a one-to-one basis with a combination of borrower equity, private investment, or other non-SSBCI investment. As companies grow, the majority of the later round of funding will come from private investors.   
  Pittsburgh Life Sciences Greenhouse Pittsburgh and Western Pennsylvania     Matt Clark
412-770-1646
www.pittsburghlife-
sciences.com
 External Link
  Innovation Works, Inc. Southwestern Pennsylvania     Rachel DeMatteo
412-681-1520
www.innovation-
works.org
 External Link
  Ben Franklin Technology Partners of
Central and Northern Pennsylvania
32-county region in Pennsylvania      Stephen Brawley
814-865-8669
www.benfranklin.org External Link
  Life Sciences Greenhouse of Central Pennsylvania 42-county region     Mel Billingsley
717-635-2101
www.lsgpa.com External Link
  Ben Franklin Technology Partners of Northeast Pennsylvania 21-county region     Laura Lawrence
610-758-5241
nep.benfranklin.org External Link
  The Biotechnology Greenhouse Corporation of
Southeastern Pennsylvania
Southeastern Pennsylvania     Barbara S. Schilberg
610-230-0544
www.bioadvance.com External Link
  Ben Franklin Technology Partners of Southeastern Pennsylvania Bucks,
Chester,
Delaware, Montgomery, and Philadelphia counties
    RoseAnn B. Rosenthal
215-972-6700
nep.benfranklin.org External Link
Part 2 – Area Loan Organizations (ALOs)
ALOs Selected by Pennsylvania Economic Development Financing Authority Altoona–Blair County Development Corporation 19 counties in South Central and Western Pennsylvania $2 million A new fund will generally make direct and subordinate loans primarily for land and building acquisition, new building construction, rehabilitation of existing structures, machinery and equipment, inventory, installation of pollution prevention controls, and environmental abatement and working capital. The program will target small businesses with fewer than 500 employees, and the loans will have a principal amount of $500,000 or less. Martin Marasco
814-944-6113
www.abcdcorp.org External Link
  Central Bradford Progress Authority Bradford, Susquehanna, Sullivan, and Wyoming counties $1 million Will assist small businesses that want to expand to serve the gas industry needs but find difficulty in accessing capital. The Progress Authority will make direct and subordinate loans primarily for building and land, machinery and equipment, and working capital. The program will target small businesses with fewer than 500 employees, and the loans will have an average principal amount of $5 million or less. Anthony Ventello
570-265-0937
www.cbprogress.org External Link
  Philadelphia Industrial Development Corporation Philadelphia $2 million Provides low-interest, subordinated financing to small businesses that have difficulty accessing private capital. Targets businesses with 500 or fewer employees with principal amounts of less than $5 million. Funds will be primarily used for property acquisition, construction/building renovation, machinery and equipment, environmental remediation and energy-related costs, working capital, and soft costs, including legal, accounting, engineering, architectural fees, permits, appraisals, and other related expenditures. Jennifer Crowther
215-496-8139
www.pidc-pa.org External Link
  SEDA —
Council of Governments (SEDA-COG)
11 counties in Central Pennsylvania $1 million Direct and subordinate loans primarily for fixed assets and working capital. Targets companies that are directly creating telecommunications infrastructure and other small businesses that have broadband telecommunications needs, and companies seeking opportunities available through development of the Marcellus and Utica shale industries. Priority given to companies with fewer than 100 employees. Average loan size is between $100,000 and $150,000. Jerry Bohinski
570-524-4491
www.seda-cog.org External Link
  The South Eastern Economic Development Company of Pennsylvania (SEEDCOPA) Chester County $2 million SEEDCOPA is a certified Small Business Administration development company of the Chester County Economic Development Council. Will make subordinate loans primarily for real estate, equipment, and other assets. Targets small businesses with fewer than 100 employees, with an average loan size of $250,000. The maximum loan size will be $1 million.  Sherwood Robbins
610-458-5700
www.seedcopa.com External Link
Part 3 – Community Development Financial Institutions (CDFIs)
CDFIs Selected from Pennsylvania Community Development Bank Program Bridgeway Capital Allegheny, Armstrong, Beaver, Butler, Fayette, Greene, Indiana,
Washington, and Westmoreland counties
$2 million Direct and subordinate loans through two existing loan programs for entrepreneurs (Entrepreneur Loans) and growing small businesses (Growth Capital Loans).  Entrepreneur Loans are primarily for working capital, equipment, inventory, and sometimes real estate acquisition or leasehold improvements.  Andrea Bon
412-201-2450
www.bridgeway-
capital.org
 External Link
  Community First Fund (CFF) Adams, Berks, Chester, Cumberland, Dauphin, Franklin, Lancaster,
Lebanon, Lehigh, Montgomery, Northampton, Perry, and York counties
$2 million The CFF plans to use SSBCI funding over six years to capitalize a new small business loan program. The CFF will make subordinate loans intended for both fixed assets and working capital needs. The CFF will target small businesses with 500 or fewer employees and will make loans of $750,000 or less.  Daniel Betancourt
717-393-2351
commfirstfund.org External Link
  Northside Community Development Fund Pittsburgh’s Northside Neighborhood $250,000 Will make subordinate gap financing loans primarily for fixed assets, machinery and equipment, and working capital.  Targeted businesses range from established manufacturers to start-up retail businesses. Mark Masterson
412-322-0290
www.nscdfund.org External Link
  The Progress Fund 39 counties in Western and Northern Pennsylvania $2 million Direct and subordinate loans intended for fixed assets, equipment, and working capital needs. Directed to small businesses with fewer than 10 employees and annual gross sales of less than $1,000,000 generally in tourism and agriculture sectors. David Kahley
724-216-9160
www.progressfund.org External Link
  Women’s Opportunity Resource Center’s
Economic Opportunities Fund (EOF)
Five-county Greater Philadelphia region $262,500 Direct loans primarily for microloans intended for fixed assets, machinery and equipment, as well as working capital.  Targeted to microenterprise businesses with five or fewer employees. Maximum loan size of $50,000. Lynne Cutler
215-564-5500
www.worc-pa.com External Link

* The U.S. Treasury’s State Small Business Credit Initiative (SSBCI) Program is allocating a total of $29,241,232 to Pennsylvania. The allocation is made in three tranches.

Delaware State Programs Using SSBCI Funds
State Program
Geographic Area
Amt. Allocated*
Planned Use of Funds
Contact
Delaware Access Program (DAP) Statewide $1 million Loan portfolio insurance program in which participating lenders are allocated matching DAP funds to build a loan-loss reserve account. Lenders execute a master agreement and open an account to house the reserve fund. Lenders perform traditional underwriting. Useful for credit enhancement, collateral shortfall, high loan-to-value ratio, start-ups with no sales history, and nonprofit borrowers. Rachael Mears
Director of Capital Resources
Delaware Economic Development Office (DEDO)
302-672-6838
rachael.mears@state.
de.us
 E-Mail Address
Loan Participation Program Statewide $12.2 million Participation loan can lower the loan-to-value ratio and mitigate cash flow concerns. The Delaware Economic Development Office (DEDO) typically participates on up to 20 percent of an eligible loan. The DEDO doesn’t charge fees for its participation. Maximum DEDO participation of $1 million and maximum term of five years. Both subordinate and pari passu lending can be considered.  Useful for collateral shortfall, cash flow weakness, Small Business Administration 504 interim financing, construction loans, and nonprofit borrowers. Rachael Mears
Director of Capital Resources
Delaware Economic Development Office (DEDO)
302-672-6838
rachael.mears@state.
de.us
 E-Mail Address

*The U.S. Treasury’s State Small Business Credit Initiative (SSBCI) Program is allocating a total of $13,368,350 to Delaware.  The allocation is made in three tranches.