Harrisburg-based businesses, Latino Connection, LLC, and Idea, LLC/Lonely Monk Coffee Roasting, LLC, have secured essential financing through the Pennsylvania Catalyst Loan Fund.
The announcement was made by the Capital Region Economic Development Corporation. CREDC said in a release that these recent developments exemplify the program’s commitment to fostering local economic growth and enabling businesses to thrive.
“We are delighted to witness the success of Latino Connection, LLC, and Idea, LLC / Lonely Monk Coffee Roasting, LLC, in securing financing through the Pennsylvania Catalyst Loan Fund,” CREDC Lending Officer Anita Weikel said in a statement. “These loans will enable these businesses to embark on expansion plans, fueling job creation and contributing to the economic vibrancy of our region.”
On August 16, Latino Connection President & CEO George Fernandez of Latino Connection closed on a $250,000 loan to facilitate the renovation of newly acquired real estate situated at 940 East Park Drive in Harrisburg. Provided through the State Small Business Credit Initiative (SSBCI), this five-year loan features a fixed interest rate of 4.75% and is amortized over 25 years, with a balloon payment at the end of 5 years.
On Sept. 11, Joshua Willits, owner of Idea, LLC and Lonely Monk Coffee Roasting, successfully secured a $97,000 loan to acquire Bagel Lovers Cafe, located at 2237 Paxton Church Rd, Harrisburg. This five-year SSBCI loan offers a fixed interest rate of 4.75%, with an amortization period of 10 years and a balloon payment due at the end of 5 years.
Term loans are administered through the Chester County Economic Development Council, the Pennsylvania Catalyst Loan Fund. Loans can be utilized for machinery and equipment, refinancing, working capital, real estate purchase, and construction, all subject to SSBCI federal and state guidelines. Fixed interest rates are offered below prevailing bank rates, making it an attractive option for businesses seeking financing.
Priority consideration is given to diverse business owners, those located in disadvantaged areas, and businesses with 10 employees or less. In Cumberland, Dauphin, and Perry Counties, applications for the Pennsylvania Catalyst Loan Fund are packaged and underwritten by CREDC, ensuring local businesses accessible access to financing.