Roxanne Greising, Business Finance Director
One of this year's highlights has been the transition of Roxanne Greising as director of SEDA-COG's Business Finance Department.
 
Roxanne has directed the department since February with a goal to continue to invest in the region's businesses by partnering with banks with a focus on customer service and efficiency.
 
She originally joined SEDA-COG in 2010 as program analyst, becoming senior program analyst in 2014. She began her banking career with CCFNB, Bloomsburg PA as an analyst, moving in 2008 to Miners Bank, Minersville, as their credit analyst manager.
 
Roxanne has two associate degrees from Luzerne County Community College, and is pursuing a Bachelor of Science in business administration with a minor in accounting from Misericordia University.
 
Thank you for your hard work and dedication toward helping businesses achieve their goals and bettering this region, Roxanne!
 
Roxanne can be reached directly by calling 570-522-7338 or emailing rgreising@seda-cog.org.

The pickup truck's engine hummed as Jason Saylor drove with his 4-year-old daughter to the Pennsylvania Farm Show. "Being a farmer, you're land rich but cash poor," his voice rumbling low and slow with the background noise.
 
The outdoors has always held a draw for Saylor, the oxygen rich in his lungs, the open spaces that create fruitful opportunity. The physical work that leaves a body tired but fulfilled at day's end.
 
He started out as a civil engineer designing and building roads, dams, bridges, buildings, and other infrastructure. While he enjoyed the split of office and outdoor work, a part of him still wanted to be more connected to the earth.
 
When he married the love of his life, Rhonda, in 2002, all the pieces started coming together. She brought a rich history of family farming to their life - 423 acres of land in Liverpool that has been in Rhonda's family for over 140 years.
 
For five years, Saylor helped his father-in-law, Sidney Witmer, farm on weekends. After a decade of working as a civil engineer, he transitioned into full-time farming on Witmer's family farm.
 
He took a slow breath. "I'm glad I did it." Initially, it was less lucrative than his prior job - but it was worth every penny.
 
"You directly see the fruits of your labor. It's very rewarding work because you see exactly what you put into it, and that's what you get out of it. "Same way with raising kids, I guess. You gradually see the crops or the livestock growing up until, at the end, you see the final product. You see it the whole way through. And when it all comes together and it works at the end, it's satisfying."
 
Jason and Rhonda have two children - Maya, 4, and Sasha, 1. "Maya planted a perfect row of sunflowers last spring in our garden," he said, the joy of fatherhood in his laughter.
 
On the farm, the Saylors raise beef from start to finish. All the calves are born and raised on the farm, then brought to market. The farm includes two other pullet houses and several barns.
 
They wanted to build a pullet house on their farm (where they would raise chicks), but this is where the farmer's lot of being "land rich but cash poor" comes into greater focus. Saylor needed loans to complete the entire $600,000 project.
 
Fortunately, with the loan SEDA-COG's Business Finance Department offered them, Saylor's land could be leveraged as his equity contribution. Being "cash poor" was not a disadvantage with Saylor's abundant land.
 
SEDA-COG's Business Finance Department partnered with Tompkins VIST Bank, splitting the project cost with their respective loans to complete the funding package. For SEDA-COG, this included a $300,000 Pennsylvania Industrial Development Authority/Small Business First loan. 
 
To read more about how SEDA-COG's Business Finance department helped the Saylor family, click [here]. 
For a limited time, a 2 percent fixed interest rate is being offered for Pennsylvania Industrial Development Authority (PIDA) loans, which are offered through SEDA-COG.
 
Those interested should contact us before Nov. 15 as applications need to be received by DCED by Dec. 31 to get this excellent rate locked in.
 
The PIDA board approved this interest rate incentive to encourage businesses to make investments and grow jobs in Pennsylvania. 
 
For more information about PIDA and eligibility, click here .
 
Then, starting on Jan. 1, 2018, interest rates will be set quarterly on Jan. 1, April 1, July 1, and Oct. 1 of each year using the current 10-year U.S. Treasury rate as an index benchmark, as follows:

  1. REAL ESTATE LOANS: The borrowers will have four options:
 

a. For term loans with a regular amortization, a fixed interest rate for the full term of the loan, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point, plus 100 basis points.

 

b. For term loans with a regular amortization, a fixed interest rate for the first seven years of the loan term, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point. After the initial seven-year period, the rate will automatically reset to the then-current 10-year U.S. Treasury rate, rounded to the closest quarter point. The reset rate is limited to a 200 basis point increase/decrease.

 

c. For 10-year term loans with a 20-year amortization period, a fixed interest rate for the full term of the loan, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point, plus 100 basis points.

 

d. For 10-year term loans with a 20-year amortization period, a fixed interest rate for the first five years of the loan term, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point. After the initial 5-year period, the rate will automatically reset to the then-current 10-year U.S. Treasury rate, rounded to the closest quarter point. The reset rate is limited to a 200 basis point increase/decrease.


 

 

2. EQUIPMENT LOANS: A fixed interest rate for the full term of the loan, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point, plus 100 basis points.

 

3. WORKING CAPITAL AND ACCOUNTS RECEIVABLE LINES OF CREDIT:  A fixed interest rate for the 12-month term of the credit line, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point, plus 100 basis points.

 

4. POLLUTION PREVENTION ASSISTANCE AND ENERGY EFFICIENCY LOANS: A fixed interest rate of 2 percent for the full term of the loan. 


 


To take advantage of this ultra-low interest loan, contact SEDA-COG at 570-524-4491 or email one of our Senior Relationship Managers directly!

John Reichard, Senior Relationship Manager II

Ray Haden, Senior Relationship Manager I

Blog feature: Ag Lending with the SBA 504 Loan Program
 
For those familiar with SBA 504 financing, the type of borrower that would most likely come to mind that would qualify for a 504 loan would be a manufacturer or a service-related business.  However, SBA 504 loans can be used to finance agricultural enterprises as well.  This blog talks about how an SBA 504 loan can benefit ag lenders as well as farmers. - more
 
 
Want to know more about the SBA 504 loan program including eligibility, benefits to the bank and borrower, and other important information?  Then check out the blog section of our website here. 



NADCO, the trade association for the nation's Certified Development Companies (CDCs), reports that the effective interest rate for the 20-year debentures decreased from 4.54% in August to 4.38% for September. The 10-year effective rate decreased from 4.50% to 4.15% for September.

The debentures that funded this month's 20-year 504 loans were sold to investors at an interest rate of 2.59%, which is also a decrease from August.

For more information about financing real estate projects in Pennsylvania using the SBA 504 program, visit  www.sedacogldc.org or contact one of our staff.


The SBA has released the guidelines for the reauthorization of the 504 Debt Refinancing Program.  The SBA began accepting applications on June 24, 2016.
 
The following are some of the eligibility requirements to refinance existing debt through the SBA 504 loan program:


 

  • Borrower must be in business for at least 2 years.
  • Loan(s) to be refinanced must have been incurred at least 2 years ago.
  • At least 85% of the proceeds of the loan(s) to be refinanced had to be originally used for eligible fixed assets.
  • Borrower has been current on all payments of the loan(s) for the past 12 months.
  • May include the financing of eligible business expenses as part of the refinancing.
  • Loan(s) to be refinanced cannot be subject to a guaranty by a Federal agency (i.e. SBA 7(a), SBA 504, or USDA) and cannot be a Third Party Loan which is part of an existing SBA 504 project.


 

For more information on whether a loan might qualify for an SBA 504 Refinancing project, visit www.sedacogldc.org or contact one of our staff.

Loan
Rate
Effective
SBA 504
4.15%
September10-year
SBA 504
4.38%
September 20-year
SEDA-COG PIDA
2.00%
Through Dec. 31, 2017
SEDA-COG RLF/TEAM
4.00%
Through Sept. 30, 2017


SEDA-COG's Business Finance Department serves the entire state of Pennsylvania for the SBA 504 Program.
 
SEDA-COG serves an 11-county area in central Pennsylvania including Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Perry, Snyder, and Union counties.  
 
For more information, visit www.seda-cog.org/finance  or www.sedacogldc.org.

Contact our Business Finance staff today!

Senior Relationship Manager I
Senior Relationship Manager II

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201 Furnace Road | Lewisburg, PA 17837 | 570-524-4491