Hundreds of thousands of dollars in a revolving small business loan account is available to those qualifying within Lycoming County and the City of Williamsport.
The money is being released as part of a partnership between the Williamsport/Lycoming Chamber of Commerce, and its affiliate, Industrial Properties Corp., and the city.
"We've created a revolving loan program for area businesses," said Vince Matteo, chamber president and CEO.
Some $600,000 has been set aside by the three partners as a joint venture to assist area businesses with partial funding for economic development.
The loans may be used for building renovations, new construction, equipment purchases, expansion and working capital.
Assistance is available from $5,000 to $50,000.
The chamber and IPC have $300,000 available to qualifying companies inside or outside the city limits. The city has $300,000 only for businesses that satisfy requirements within its borders or those moving here, Matteo said.
The first recipient from the loan program, The Pajama Factory, 1307 Park Ave., will host an announcement at 10:30 a.m. Wednesday.
The Pajama Factory is recipient of an approved $50,000 economic development loan. It is a nexus for local artists and musicians and consists of several thousand square feet of floor area throughout a complex of eight interconnected brick buildings. At its heart is a courtyard, housing an outdoor pavilion, a patio with seating and a sculpture garden featuring work from a wide range of artists.
Last year, Mayor Gabriel J. Campana said he wanted the city to become a partner with the chamber and its industrial properties affiliate in the program, Matteo said.
"More than a year ago, City Council unanimously approved use of the loan pool with money coming from the state that wasn't being used," city Community Development Director John Grado said.
"This is the first group that qualified for this small business loan," Campana said of The Pajama Factory.
The business will be using it to create additional space and some other surprises officials have embargoed until the announcement.
"We're encouraging other small business people who are interested in creating jobs to contact myself or the chamber for the maximum loan of $50,000," Campana said.
