Economic authority is there to help

MILFORD — Following their recent business seminar where a new Small Business Administration loan program was detailed, Pike County Economic Development Authority officials emphasized that bringing this kind of new help to Pike business is the authority’s strength. Bob Maximowicz and Michael Kane of the federal agency, gave an overview of a brand new SBA program, beginning in mid-June. The program is part of the American Recovery and Revitalization Act and will assist small businesses that are struggling to pay existing commercial loans, in some cases including business credit card debt. It will afford the businesses the opportunity to borrow up to $35,000 to aid in their recovery. The agency will be paying the interest on the loans to the participating banks. Banks will have 100 percent guarantees on the loans. SBA representatives indicated that the funds are likely to move quickly. Rachel Hendricks, Deputy Director for Economic Development with the county authority, said that the most important aspect for businesses to take away from the program is that their office is there to help them match their current and future projects with appropriate financing programs. For more information, contact the authority office is co-located with the Pike County Chamber of Commerce at 209 East Harford Street in Milford and can be reached at 296-7332 or admin@pidco.com .