When business is robust and companies need to expand their facilities or upgrade their machinery and equipment in order to be more efficient, securing financing can sometimes be the most challenging component of the project.
As a Certified Economic Development Organization (CEDO), through the Department of Community and Economic Development (DCED), CAN DO helps businesses in Greater Hazleton and all of Luzerne County obtain the funding they need for these vital projects.
CAN DO works alongside partners like DCED’s Pennsylvania Industrial Development Authority (PIDA), NEPA Alliance, Luzerne County Office of Community Development and MetroAction to provide a variety of loans to businesses of all sizes. Eligible uses of these loans include land and building costs, machinery and equipment costs and working capital.
CAN DO’s business financing program allow companies to access funds ranging from $2,500 up to $5.5 million to eligible businesses that commit to creating and retaining jobs in the Greater Hazleton area. CAN DO’s programs provide low-fixed interest rates with terms extending up to 25 years for real estate, 10 years for machinery and equipment and three years for working capital.
Mark Minnig, CAN DO’s Economic Development Specialist, said the benefits companies receive through CAN DO business financing options include up to 90 percent Loan to Value, 10 percent equity options and subordinate financing.
“We take great pride in providing businesses with outstanding customer service. We can help match your businesses with the correct state and/or regional agencies that can provide the specific services you need,” Minnig said.
Since its founding in 1956, CAN DO has helped companies receive millions of dollars in business financing to enhance operations, add additional employees and retain existing members of their workforce.
Recently, CAN DO assisted Summit Utility Structures in obtaining a machinery and equipment loan at a low interest rate for 10 years from the Pennsylvania Industrial Development Authority. The project created at least 25 full-time employees and retained another 42 full-time employees. In addition to Summit Utility Structures, CAN DO assisted local ice cream manufacturer Milkhouse Creamery in receiving funds from the Commonwealth Financing Authority’s PA Dairy Investment Grant program.
Head to the Business Financing section of CAN DO’s website to learn more about potential financing opportunities available for your business, including current interest rates.
