SHENANGO VALLEY Enterprise zone has $1.25 million to lend companies, official says
SHARON, Pa. -- The Shenango Valley Enterprise Zone Corp. has $1.25 million it wants to lend to companies building or expanding on land within the zone.
Demand for the low-interest development assistance has been very low recently, said Tom Tulip, secretary-treasurer of the nonprofit development group.
The money available in its loan fund is "an all-time high," he said during a corporation board meeting Wednesday.
"We're not seeing as many applications," he said, calling it "an example of the economy remaining stagnant here."
The corporation does have 32 active loans now totaling $3.77 million, he said.
It lends its money at an interest rate of about 3 percent right now, with loans as big as $150,000.
It's an industrial development program, targeting industries, manufacturers, warehousing and advanced technology companies. The program is not open to commercial retail operations, and the corporation ties its loans to jobs, requiring the creation of one job per $25,000 lent.
The zone encompasses certain industrial land in Sharon, Farrell, Hermitage, Wheatland, Sharpsville and Greenville.
For information, check the corporation's Web site at www.svezc.com.