Assistance
Small Business Capital for Abington
Business Montgomery County Small Business Loan

Loan Criteria
 
Eligibility
Start-up or existing businesses located in Montgomery County.

Loan Size
From $5,000 to $30,000

Industry & Company Size
Retail:              $0 — 1 million in sales
Service:            $0 — 1 million in sales
Manufacturing:  $0 — 2 million in sales

Interest Rate/Term
Fixed at prime rate two (2) percentage points.
Maximum term is five (5) years

Use of Funds
Working capital, inventory, machinery, equipment, furniture, fixtures, leasehold improvements and real estate.  Funds cannot be used to satisfy delinquent tax obligations.

Application Package
1. Business Plan
2. One year pro forma statement
3. Historical business records (if available)
4. Personal tax returns for three years
5. Credit Report
6. Application 

Loan Fund Procedures
 
1. Initial meeting to determine if underwriting criteria are met.
2. Application and credit screening.  An application fee is required at this time.
3. Work with administrator on business plan and other required documentation.
4. Presentation by administrator to Loan Committee.
5. Settlement scheduled if approved.
6.   Disbursement of funds.

Loan Committee
 
All loan decisions are made by the members of the Loan Committee.  The Committee has representation from the participating lenders.  All loans are approved by a two-thirds majority.

Contact Information
 
Montgomery County Department of Commerce
Stony Creek Office Center, Suite 320
151 West Marshall Street
Norristown, PA  19401
Telephone:  610-278-5950
Fax:  610-278-5944