Pennsylvania Code
Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT
Part III - Business Financing
Subpart C - Loans
Chapter 71 - MACHINERY AND EQUIPMENT
Subchapter A - MACHINERY AND EQUIPMENT LOAN FUND
Section 71.6 - Application

Universal Citation: 12 PA Code ยง 71.6

Current through Register Vol. 54, No. 44, November 2, 2024

(a) An eligible business shall apply for a loan by submitting an application and supporting documentation to the Department on forms prescribed by the Department.

(b) The eligible business shall update information in its application to the Department if conditions change or to the extent that the information originally provided becomes inaccurate or misleading. Failure to update information may render an application ineligible or result in a withdrawal of a loan made.

(c) After 12 months following disbursement of MELF loan proceeds, the recipient of a MELF loan may reapply to the Department for another MELF loan for a new project.

(d) The Department will make every attempt to review and act upon a MELF loan application within 30 working days following receipt of a completed loan application. The failure of the Department to take action within this time does not constitute either approval or disapproval of an application.

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