CBPA Investment Leverage History
Business Sector 2005-2006
Public Investment $33,435,250
Private Investment $90,720,750
Jobs Supported 6,259
$2.71 private for every $1.00 of public investment
Public Investment per job $5,341.95
Private Investment per job $14,494.45
Total Investment per job $19,836.40
CBPA Revolving Loan Fund Loan Policies
All new and existing businesses and industries, including manufacturing and industrial projects and small business projects located in the Bradford County Enterprise Zone.
Acquisition and/or improvement of land and building, including new construction or renovation of existing facilities; machinery and equipment purchases; working capital, inventory and payment of professional fees, including but not limited to architects, engineers and attorney fees.
Speculative activities, purchase or finance equity in private business, debt consolidation or refinancing.
Rates will follow the Pennsylvania Department of Economic Development PIDA (Pennsylvania Industrial Development Authority) lending rates for building and land, and MELF Machinery and Equipment Lending Fund) for machinery and equipment.
10% of developer equity input required.
Variable, depending upon use of funds, security being offered, and other factors determined by the Progress Authority Revolving Loan Fund Committee. All loans will be secured by the highest lien position available on collateral.
Projects must demonstrate impacts to sustainable employment.
Agreement shall state that note is due if company relocates out of described area or ceases operations.
RLF applicants will be required to provide a $250.00 non-refundable application fee to the Progress Authority upon submission of the RLF request. In addition, successful RLF applicants will be required to provide a 1% loan origination fee to the Authority upon completion of the loan closing. The business will also be responsible for all closing costs and attorney fees.
Payments shall be made to First Citizens Bank, who will provide monthly statements or payment book as requested. Generally, the first payment is due one month from date of closing, with monthly payments on same date thereafter for term of loan.
Are required for all loans.
All applicants must demonstrate compliance with local, state and Federal environmental regulations. Projects involving real estate must provide a current environmental audit.
Demonstration of Benefit:
All applicants must demonstrate a need for CBPA RLF funding and provide supplemental evidence to document the need. Acceptable documents include, but are not limited to bank commitment letter outlining terms and conditions that loan is contingent upon for RLF funding, or bank denial letter with reasonsprovided for denial.