Seedcopa ranked top loan provider for small businesses

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The U.S. Small Business Administration (SBA) recently ranked Seedcopa, an SBA loan provider, as the top provider of SBA 504 loans for small businesses in Eastern Pennsylvania.

SBA 504 loans are for small- to mid-sized business owners to purchase equipment or purchase, construct, renovate, or expand on new or existing land. The loans can complement commercial loans.

The loans currently have interest rates of under 3 percent for a 25-year loan and require business owners to contribute 10 percent.

This fiscal year, $24.4 million in funding was provided through 27 SBA 504 loans, and Seedcopa assisted with 577 Paycheck Protection Program loans totaling $58.1 million.

Seedcopa is an affiliate of the Chester County Economic Development Council, and more than $30 million in projects was financed in Chester County.

“It’s great to have the opportunity to recognize the accomplishments of SBA Certified Development Companies (CDCs) like Seedcopa,” Steve Dixel, SBA Eastern Pennsylvania District director, said. “CDCs like Seedcopa provide capital for small businesses to engage in job creation and community development through the SBA’s 504 loan program.”

Seedcopa is a statewide CDC. In 2020, it provided loans to business owners in nine counties, including Chester County.