WEDCO - Wayne Economic Development Corporation

Loan guarantees are designed to help the borrower who doesn’t quite meet a bank’s normal small business lending requirement.

Program information is provided by the PA Department of Community and Economic Development (DCED). Contact WEDCO to learn how and where to apply, or visit DCED’s website for specific program guidelines.

For a summary of our most commonly used financing programs, download WEDCO’s Financial Guide.

First Industries Fund - Agriculture
Loan Guarantee for costs associated with agriculture and agricultural-related activities.

First Industries Fund - Tourism
Loan Guarantee for costs associated with tourism activities.

Pennsylvania Capital Assistance Program (PENNCAP)
Loan guarantee through participating banks to be used to support a wide variety of business purposes.

FIRST INDUSTRIES FUND - AGRICULTURE

Eligible Applicants
• Commercial lending institution on behalf of a borrower
• For-profit or nonprofit entities engaged in eligible agriculture-related activities as determined by the Commonwealth Financing Authority who are obtaining a loan from a commercial lending institution
Purpose of Guarantee
• To guarantee bank loans made for land & building, machinery & equipment, or working capital purposes
Guarantee Limits
• Maximum guarantee 50% of outstanding loan principal, not to exceed $2.5 million
Requirements
• Borrower must have been the recipient of a First Industries Planning Grant or plans to invest a minimum of $1 million in the project
• Value of collateral is sufficient to cover the amount of the bank loan

FIRST INDUSTRIES FUND - TOURISM

Eligible Applicants
• Commercial lending institution on behalf of a borrower
• For-profit or nonprofit entities engaged in tourism activities as determined by the Commonwealth Financing Authority who are obtaining a loan from a commercial lending institution
Purpose of Guarantee
• To guarantee bank loans made for land & building, machinery & equipment, or working capital purposes
Guarantee Limits
• Maximum guarantee 50% of outstanding loan principal, not to exceed $2.5 million
Requirements
• Borrower must have been the recipient of a First Industries Planning Grant or plans to invest a minimum of $1 million in the project
• Value of collateral is sufficient to cover the amount of the bank loan

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PENNSYLVANIA CAPITAL ASSISTANCE PROGRAM (PENNCAP)

Eligibility
• Borrowers should contact the participating banks to discuss their eligibility. A borrower must have a branch of a participating bank in their local area in order to receive a PennCAP loan through that bank.
Eligible Uses
• Land
• Building
• Equipment
• Working capital
Amounts
• Guaranteed loans up to $500,000
Terms
• Rates and terms negotiated with participating bank PEDFA bond program provides guarantee for bank loan
• PEDFA bond program provides guarantee for bank loan
• Term loan or line of credit

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