Forgivable loans available to small businesses in Pike County

Pike County has approximately $340,000 in funding available through its Small Business Forgivable Loan Program. This funding will assist small businesses with forgivable loans of up to $70,000. Pre-applications are due on March 31.

Two online lunch-and-learn sessions about the program will be held at noon on Feb. 16 and Feb. 23. For more information or to register, visit PikeForward.com.

To be eligible, businesses must have been open for at least 12 months in Pike County, filed at least one tax return, have at least one full-time employee and fewer than 100 employees worldwide, have annual revenue of $1 million or less, be up-to-date on taxes, be a viable business, and have been adversely affected by the Covid-19 pandemic. Certain types of businesses, including real estate developers, golf courses, or country clubs, and nonprofit organizations, are not eligible.

Businesses can use the funding to pay for operating expenses. In 2020, four businesses received $183,190 in assistance. “The Small Business Forgivable Loan Program offered by Pike County is a great opportunity for local businesses to receive funding for staffing, utilities, mortgage or rent, insurance, and advertising–items that are not covered in the PPP loan,” said Bridget Gelderman, owner of East Shore, LLC, in Hawley. “In addition, the county provided support staff that made applying simple. Any small business in Pike County that qualifies should apply.”

Loans will be forgiven and become a grant when business owners provide documentation to show that they have retained at least one full-time equivalent job for a low-to-moderate income individual for every $35,000 of assistance received.

This program was funded by a grant from the United States Department of Housing and Urban Development, under the administration of the Commonwealth of Pennsylvania Department of Community and Economic Development and Pike County.