SOMERSET — The Community Foundation for the Alleghenies is pleased to announce a new partnership with the Somerset County Economic Development Council (SCEDC), aimed at providing additional funding for qualified loan proposals in Somerset County.
Currently, the EDC offers loans through its Micro Revolving Loan Fund and its Tourism Micro Revolving Loan Fund. Now, in an effort to support economic growth in Somerset County, the Community Foundation is allocating up to $15,000 in match funding for individual projects from its Robert Waters Economic Development Fund.
“This is a chance for the Foundation, through our Robert Waters Economic Development Fund, to really supplement the good work that’s already being done by the EDC in Somerset County,” said Mike Kane, Community Foundation president. “We hope to help small businesses and startups who are qualified for low interest financing through the EDC by providing additional loan funding — in some cases doubling the amount available to them.”
“We are happy to partner with the Community Foundation for this loan program,” said Gary DuFour, SCEDC executive director. “In addition to providing the financial resources, they will also be appointing a representative to our EDC Loan Review Committee, and we look forward to working with them as we make funding commitments to help strengthen our county.”
To learn more about funding opportunities through the SCEDC call 814-445-9655.