STROUDSBURG – The Pocono Mountains Economic Development Corporation (PMEDC) is pleased to announce that it has recently closed a loan through its new Monroe Business Improvement Loan Program, or MOBIL. JT Management Group was issued the $100,000 loan with a 2% interest rate as part of a larger capital stack for acquisition of a local business.
“The MOBIL Program leveraged over $1 million in private financing and a federal Small Business Administration 504 loan. The program’s advantageous interest rate will help keep the debt service low for these new entrepreneurs transitioning this business to new ownership,” stated Michelle Bisbing, PMEDC President. “We are pleased to offer this opportunity to partner with other financial institutions to make small investments that get deals done.”
The program is a new iteration of the small business loan program formerly offered by Monroe County Industrial Development Authority, now under the auspices of Pocono Mountains Industries, Monroe County’s Certified Economic Development Organization for facilitating underwriting for economic development lending through the PA Industrial Development Authority program.
“Offering both programs through the same private non-profit made sense,” said Gary Olson, Chairman of Pocono Mountains Industries, “and we made a few other improvements to the program guidelines but kept the interest rate low. The main goal is to help create and retain jobs in Monroe County.” The program has a limited pool of funds to lend but is not limited to any specific industries. Loans are capped at $100,000, double the size of loans that were previously offered. The amortization schedule depends on the use of the proceeds.
PMEDC will be showcasing the program at its upcoming Small Business Financing Seminar in partnership with the Pocono Mountains Chamber of Commerce, to be held on June 2 at NCC Pocono Campus. Information on numerous other programs will be shared during the program as well. Registration is open now. Seating is limited. Program guidelines are also available on the PMEDC website along with application forms.
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