Tyrone Borough Micro Loans Available to Area Businesses | News


Members of the Tyrone Chamber gathered for their last monthly breakfast of 2021 at the Bull Pen on Thursday morning. The guest speaker was Marcus Edwards, economic development lender from ABCD (Altoona Blair County Development) Corporation.

Diane Irwin introduced Edwards who shared a brief history of the company and how their services can help Blair County businesses. ABCD provides access to funding and subsidy programs, land development, buildings and infrastructure, tax credit and abatement programs, regional marketing assistance, selection of sites and business attraction.

ABCD Corp.’s mission statement is to work “as a catalyst for comprehensive economic, community and workforce development to improve the quality of life and sustainability of Blair County.” Their vision is to “make Blair County a better place to live, work and play.”

Edwards explained that ABCD Corp. does not compete with banks in the region, but rather works with banks as partners to help businesses in the region. The benefits of using ABCD programs are shared among customers, banks, and businesses and include long-term fixed rates, reduced cash upfront for customers, reduced risk for banks, and job creation and investment in communities.

A new Tyrone Borough microcredit fund was recently established in July 2020. The initial funding was made possible by Tyrone Borough. The fund is available to for-profit and not-for-profit businesses in the Borough of Tyrone. The loans are available from $ 5,000 to $ 20,000 with no bank obligation. The rates are based on personal credit scores and range between 2 and 4 percent interest.

Tyrone companies that have been funded by this program include Power House Subs, J&W Interests, Holly’s House of Style, Caterpillar Corner Day Care, Dave’s Den, Catharsis Tattoo Gallery, G&R Excavating, and Ingenuity Services.

Those interested in starting a new business in Tyrone or expanding or improving an existing business are encouraged to contact ABCD Corp. at (814) 944-6113.

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