The Redevelopment Authority, as a redevelopment authority in a County of the Second Class A, is authorized under the Pennsylvania Race Horse and Development Gaming Act of 2004, as reenacted and amended by the Act of October 30, 2017, P.L. 419 (the “Act”), to receive one (1%) percent of the gross terminal revenue from Parx Casino and Racetrack to administer municipal grants to the municipality in which the gaming facility is located, the county in which the licensed facility is located and to the municipalities that are contiguous to the municipality in which the gaming facility is located or are wholly within the boundaries of a contiguous municipality. Grants from Pennsylvania Gaming Revenues are authorized by the Board of Directors of the Redevelopment Authority of the County of Bucks, under the Municipal Grant Program created by the Act from language introduced by Senator Robert M. “Tommy” Tomlinson.
COVID-19 EMERGENCY ECONOMIC RAPID RESPONSE LOAN PROGRAM
The COVID-19 Economic Rapid Response Loan Program is a one-time emergency grant-to-loan program launched as part of a collaborative effort between the County Commissioner’s and the Redevelopment Authority of the County of Bucks targeting tourism and hospitality businesses located in municipalities that are eligible to receive grant funds under the Municipal Grant Program (MGP) administered by the Redevelopment Authority of the County of Bucks. The objective of the Emergency Loan Program is to provide a rapid response to aid the cashflow position of tourism and hospitality business facilities most immediately impacted by the Coronavirus (COVID-19) Pandemic and resulting temporary closing of Parx Casino in Bensalem Township.
The first round of applications will be accepted through April 3, 2020. The first round of applications will be strictly targeted to qualified businesses with a physical location in an MGP eligible municipality (listed below). After April 3, 2020, any future application rounds will be open to qualified businesses anywhere in Bucks County.
Applications will be accepted until funding is exhausted. Once funding is exhausted, applicants will be wait-listed in the event additional funding becomes available.
The Redevelopment Authority’s physical office is closed pursuant to Governor Wolf’s Order of March 19, 2020. Redevelopment Authority staff will continue to work remotely from home. Please DO NOT CALL the Redevelopment Authority’s office at this time.
Eligible Loan Applicants:
- Private for-profit company with a physical business facility located in Bucks County
- Eligible company’s primary business must be in the tourism and hospitality industry
- Eligible companies must have been in business for at least two (2) years
- Eligible companies must be currently operational
- Eligible companies must demonstrate profitability
Form of Assistance:
- Term loan up to 36 months
- No payments due for first 120 days
- Maximum loan amount of $8,000
- Zero percent interest rate (0%)
- Loan proceeds are to be used to aid cashflow position of qualified business as a result of the COVID-19 Pandemic and closing of Parx Casino in Bensalem Township
- No penalty for early payoff
- No application fee
- No credit check required
- Personal Guaranty will be required
- Completed Application for Loan Funds
Loans are expected to be reviewed within 48-hours of receipt. Only complete applications will be processed and reviewed; therefore it is critical for applicants to submit a complete application package. The Redevelopment Authority anticipates application review and closing within five (5) business days of approval with loan proceeds disbursed after execution of a loan agreement and any other required documents. Every effort will be made to complete all aspects of the loan process via virtual/electronic methods and issue loan proceeds immediately after execution of the loan agreement.