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 What is The Progress Fund trying to achieve? Trying? We're succeeding in boosting economic growth and job creation by spurring business formation and development in rural northwestern and central Pennsylvania, the state of West Virginia, Western Maryland and Appalachian Ohio. How do you do it? By filling in the blanks. Entrepreneurs sometimes need a hand to hold or an honest critique, so we provide entrepreneurial coaching and referrals to business development experts. And rural small businesses often have trouble finding capital, so we make loans. What area does The Progress Fund serve? 39 counties of Pennsylvania, the State of West Virginia, Western Maryland, and Appalachian Ohio. If you're wondering whether you're in our territory, call us at 724-216-9160. Who is eligible for The Progress Fund's programs? New and existing businesses that create jobs and grow the rural economy - often by honoring the environment, reusing historic structures, reinvigorating traditional business districts, and paying employees a living wage - can receive coaching and be considered for loans. Aren't most of your borrowers tourism-oriented? Very perceptive! Because the tourism industry offers strong potential for sustainable growth and job creation in rural areas, we've helped many tourism-oriented businesses. But we've also assisted eateries, manufacturers, professional service firms, and many other businesses. What are the typical terms of The Progress Fund's loans? We've gone as low as $20,000, and as high as $400,000. The Progress Fund recognizes that every business is different, considers every client's needs and circumstances, and tailors its assistance to meet those needs. Our loans can be used to purchase property and equipment, restore and rehabilitate structures and provide working capital. They carry interest rates set depending on risk level, have terms typically of five to 10 years, and include an origination fee and closing costs. Loans often require collateral, typically including real estate, equipment, inventories, receivables or personal assets, but may also be made against cash flow. Will The Progress Fund give me all the money I need? Typically, no. But we can often partner with other programs and conventional lenders. And we'll expect you to pitch in some of your own money. How do I start the loan application process? Contact us, of course! Do you have to borrow money to get counseling, and vice-versa? No. We provide our expertise, free, to borrowers and non-borrowers. And if your business plan is up to snuff, you might be able to borrow without coaching. But if you don't have a complete, accurate, and convincing business plan, you probably will need some help before being considered for a loan. Do you know what you're doing? You're tough! But the answer is an unequivocal yes. Our staffers have decades of experience in economic and community development. Our board includes a retired brigadier general, two community development pros, execs from the natural resources and banking industries, an expert on nonprofit organizations, and one of our clients. And since 1997 we've made loans totaling more than , and created or retained more than jobs. Can you tell me more about the First Industries Program? Yes. As a designated Area Loan Organization, The Progress Fund has the ability to lend First Industries Program capital for tourism-related projects. Contact us to find out if your project is eligible for financing through this program. What if I have a question not addressed here? We encourage you to contact us:
Or learn about our staff, here. |
