Small Business Lending Insider

January 2019
Latest Rates


SBA 504 10-yr 2.95% 5.06% 5.65% January 2019
SBA 504 20-yr 3.37% 4.76% 4.79% January 2019
SBA 504 25-yr 3.56% 4.88% 4.91% January 2019
SEDA-COG PIDA 3.75% N/A N/A Through Mar. 2019
SEDA-COG RLF 4.25% N/A N/A Through Mar. 2019
Success Story
10X Fitness

10X Fitness, LLC, located in Mountain Top, Luzerne County, PA, was conceived in 2016, as Dan and Danny Cronauer, father and son, who have historically been entrepreneurs in their own right, had perceived a need for a fitness facility that had flexible hours and was also relatively affordable for the community.

The Mountain Top area had long been without a fitness center presence, and because of the location of Mountain Top, travel to fitness centers in nearby areas such as Kingston and Wilkes-Barre could be perilous, most especially in the winter months.  The Cronauers communicated with local lenders as well as SEDA-COG to articulate their plans and financing needs, and through the efforts of SEDA-COG staff, were presented with a financing structure that made the construction of the facility realistic yet also enables the repayment of debt obligations to be palatable.  This was especially appreciated given the start-up nature of the gym operation.

SEDA-COG assisted the Cronauers in obtaining a $201,250 SBA 504 loan for 20 years with an interest rate close to Prime fixed for the life of the loan.  The Fidelity Deposit and Discount Bank partnered in the financing of the building construction project that only required the Cronauers to provide 15% down for their start-up business.

According to Danny Cronauer, "The SEDA-COG staff was wonderful to work with.  They responded quickly and were friendly.  What was really appreciated was how they utilized their partnerships with other economic development operations, namely the Wilkes SBDC, to facilitate a loan closing that was expedited.  We are thankful to the SEDA-COG staff as our operation likely would not have been possible without the programs they administer and the connections they have fostered over the years."

For more information on 10X Fitness, visit or call  (570) 261-3036.

Success Story
Spices, Inc.

Through a combination of Central PA PREP Partners, including the SEDA-COG Export Development Program and the Bucknell Small Business Development Center, and in consultation with The Strategic Early Warning Network (SEWN), the SEDA-COG Business Finance Program was able to assist Greg Patterson, President and CEO of Spices, Inc., with two Revolving Loan Funds for his family-run business.
Spices, Inc., located in Elysburg, Northumberland County, is a manufacturer and distributor of various spices for retail sale through their website as well as for food service businesses and food manufacturers. The company was running out of room at their current location without the ability to occupy additional production space. To solve this problem, the company was looking to invest in a vertical racking system and lift to store their raw material.
With the two $18,000 loans from SEDA-COG and a company match, the company was able to afford the equipment, allowing it to continue to grow. Spices, Inc., currently has 20 full-time employees and expects to create 2 new full-time positions as a result of this project.

According to Greg, "Working with John [Reichard] and the team at SEDA-COG was about as painless as this process could possibly be. We consider them to be strong strategic partners in both our current and future growth plans."
If you would like to see the full selection of products the company offers, visit their website
You can also 'Like' them on Facebook - For more information, call (888) 762-8642 or email

Staff Spotlight
Mike Fisher - Assistant Executive Director

A longtime SEDA-COG staffer, Fisher has served in numerous capacities at  SEDA-COG since 1986, starting as a senior program analyst, becoming chief of the Housing Programs in 1990, and heading the Weatherization Program since 2017.  He was selected as the assistant executive director of SEDA-COG in October 2018.

As assistant executive director, Fisher supports the enhancement of SEDA-COG's reputation, credibility, and professional relationships, along with leading in the areas of business development and financial planning. Additionally, he now oversees the Enterprise Development programs, which include Business Finance, Export, Procurement, and Economic Development. 

About Us

SEDA-COG's Business Finance Department serves the entire state of Pennsylvania and  rural counties in Maryland  for the   SBA 504 Program .
For PIDA and SEDA-COG loans, we cover  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 or

Contact our Business Finance staff today!
Senior Relationship Manager II
P: 570-524-4491
C: 570-850-0195
View our profile on LinkedIn
Program Director
P: 570-524-4491
C: 570-394-7526
View our profile on LinkedIn

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