Small Business Loans

The Chester Economic Development Authority (CEDA) administers the Chester Small Business Loan Program in an effort to assist existing and start-up small businesses in expanding their operations and creating economic opportunities for low to moderate income persons.

 

In order to stimulate job creation, applicants must agree to create one full time equivalent job for each $30,000 in loan funds. 

 

Eligible businesses can apply for up to 50% of their project costs, up to a maximum of $300,000. On a case by case basis loans in excess of this amount will be considered. The current interest rate is 3% for a 10 year term. Terms and interest rates can be modified by the CEDA Board from time to time depending on the overall business climate.

 

Eligible uses of loan proceeds include acquisition of land and buildings, building construction, leasehold improvements, building rehabilitation, machinery and equipment, training costs, and working capital.

Enterprise Zone Revolving Loan Fund

The Chester Economic Development Authority also administers a Revolving Loan Fund Program for Enterprise Zone businesses. The purpose of the program is to assist in business growth and development that creates and retains jobs within the Enterprise Zone of the City of Chester.

Program Guidelines