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A U.S. Small Business Administration loan program recently introduced in Northeast Pennsylvania is showing signs of acceptance by the business community.
The Low Documentation Loan Program (LowDoc) is targeted to small businesses, both existing ones and start-ups, that seek loans of less than $100,000, says Frank Hamilton, manager of the Wilkes-Barre branch office of the SBA.
Hamilton and several business representatives from Monroe County gave a presentation on the new program, introduced in Northeast Pennsylvania in August, at the Best Western Pocono Inn in Stroudsburg. The session was sponsored by the Pocono Mountains Chamber of Commerce.
As of mid-August, four businesses from northeastern Pennsylvania were approved under the LowDoc program for loans ranging from $20,000 to $80,000, Hamilton says.
"If this is any indication of what's to come it looks good," he says.
The LowDoc program eliminates the need for the owner of a start-up business to infuse equity in the new business, a condition of other SBA loan...