Financial Programs: Manufacturing Technology Loan Fund
For many manufacturers, identifying and implementing state-of-the-art technology is the first step to expanding their markets, enhancing productivity and quality, remaining competitive and improving their bottom lines.
By providing access to the Manufacturing Technology Loan Fund, Catalyst Connection can help southwestern Pennsylvania's small- and medium-sized manufacturers obtain the financial assistance required to purchase the technology needed to meet your needs. Our advisors prepare companies for the fund's application process, offer education on the terms and conditions of the loan and review allowable uses of funds, including technology equipment upgrades or the purchase of capital equipment such as:
- Computer hardware and software
- Computer-aided design (CAD) and computer-aided manufacturing (CAM)
- Numerically controlled and computer numerically controlled equipment (CNC)
The Fund At A Glance
Eligibility - Manufacturers with operations located within Allegheny, Armstrong, Beaver, Bedford, Butler, Cambria, Fayette, Greene, Indiana, Lawrence, Somerset, Washington, and/or Westmoreland Counties.
Loan Limit - Maximum loan of $200,000 or 50 percent of the total equipment costs, whichever is less.
Fee - $500 application fee plus all closing costs.
Collateral - All loans are secured with lien position on collateral financed and/or company guarantee. An additional personal guarantee and other collateral may be required as deemed necessary.
Term - Three to seven years or the life of the asset, whichever is less.
Rate - Fixed at five percent.
Application Process - The following materials must be submitted for review:
- Business and management history, capabilities and personal résumés
- A three-year history of business financial statements, tax returns, accounts receivable and accounts payable
- Interim financial statements that are not more than 90 days old
- Income statement projections and cash flow projections for at least one year.
- Personal financial statements and tax returns
- Project descriptions and anticipated benefits
- A complete itemization of project costs
CONTACT: Art Tintori, Managing Director, Financial Services, 412.918.4221