The Northeastern Pennsylvania Alliance (NEPA) has reduced the interest rate on several of its loan programs to help businesses that experienced flood damage. The interest rate is 1 percent, which is fixed throughout the loan term. Loans up to $100,000 are available from NEPA.
NEPA has also waived the origination/service fee and increased the terms for these loans. These programs are targeted to businesses in Luzerne and Schuylkill counties that experienced physical damage and economic loss due to the September 2011 flood.
NEPA loan funds can be used for working capital and the purchase of machinery or equipment, as well as land and building costs. These loan modifications are available through several of NEPA’s loan programs and will be in effect until Oct. 31. For additional information and requirements of the Flood Relief Program, contact Dave Nat, NEPA Business Finance Manager, at (570) 655-5581 or (866) 758-1929 or firstname.lastname@example.org