The McKean County Economic Development Department has taken steps to make financial relief available to local businesses affected by the pandemic.
Businesses may soon be able to apply for U.S. Small Business Administration (SBA) Economic Injury Disaster Loans, Sherri Geary, director of the McKean County Economic Development Office, announced on Tuesday.
As consumers are encouraged to stay away from public places to prevent the spread of the virus that causes COVID-19, it is anticipated that businesses across the nation will take a financial hit.
Geary is working with several partners for ways to minimize the impact of coronavirus-related economic struggles.
“Suffice to say that we are all working together as a PREP network and more importantly with our county partners to help our business community,” she said.
PREP, which stands for Partnerships for Regional Economic Performance, is a Pennsylvania network of business assistance partners in Pennsylvania that has the goal of helping companies grow.
Local partners include the Bradford Office of Economic and Community Development, the MCRDA, the Kane Chamber of Commerce, the Bradford Area Chamber of Commerce and the Allegheny National Forest Visitors Bureau.
Also, “We are looking at ways to work with DCED as community resource partners united in an effort to find solutions to local business problems we have yet to fully understand,” said Geary.
The county’s Economic Development Department has filed paperwork for the Economic Injury Disaster Loan program with the state of Pennsylvania that will be used as part of a submission package to the governor’s office, according to the state Department of Community and Economic Development. When Gov. Tom Wolf approves the package, a request will be sent to the SBA for approval.
The disaster loan program provides up to $2 million in financial assistance to small businesses and private non-profit organizations that suffer economic injury due to a declared disaster. The loans help businesses and organizations maintain working capital.
The loans will be administered by the federal government.
