The COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak.
All CWCA loan applications must be submitted through a Certified Economic Development Organization (CEDO). Download Factsheet
PIDC is a Certified Economic Development Organization (CEDO) for Philadelphia County and is your portal to this funding stream as a Philadelphia-based business. See instructions below.
Any for-profit businesses located in PA and with 100 or fewer employees worldwide are eligible to apply for disaster relief loans. Your application must be processed through the CEDO designated for the county where your business is physically located, which is PIDC for Philadelphia County.
There is $61 million in total available across the Commonwealth as of March 23, 2020. Maximum loan size per company is $100,000. Note: Funds are expected to be in high demand. It is very likely demand for loan funds will outstrip supply.
0% for all business types except Agricultural Producers which is 2%
No payments in first 12 months, amortized payments during years two (2) and three (3), one balloon payment for the remaining balance after year three (3)
The loan shall be secured by a blanket lien on all business assets currently owned or acquired in the future at the highest lien position available
The loan shall be guaranteed by any individual or entity with a 20% or greater ownership interest in the eligible business/borrower
Some credit criteria for approval (as evaluated by PIDA) may include:
Use the BORROWER checklist and prepare to submit the following:
For the intended Borrower (Applicant Company, an Operating Company):
For the Guarantors (any owner, individual or business entity, with 20% or more interest in applicant business):
Completed applications for Philadelphia County – please submit complete package to covid19PIDA-WCAP@pidcphila.com.