Updated guidelines for the Montgomery County Opportunity Loan Program (MCOLP) have been released. As the Commerce Department’s flagship economic development program, the Montgomery County Opportunity Loan Program (MCOLP) is a cooperative initiative of the County government, the Montgomery County Development Corporation (MCDC), and the Montgomery County Industrial Development Authority (IDA). The loan program offers fixed rate and term loans to help businesses grow, increase productivity, and maximize the value of their investments in Montgomery County, Pennsylvania.
MCOLP is designed to be utilized as a traditional economic development “gap financing” tool in conjunction with commercial lenders as well as other public sector and non-profit sector lenders. Successful applicants will work with the Commerce Department and other lending institutions to fund a project (such as an equipment purchase or a building expansion). The advantages of utilizing MCOLP funding as part of a project’s funding include a reasonable fixed rate and term.
To download the new guidelines, visit: https://www.montcopa.org/1713/Loan-Program