Members 1st FCU to Provide Financing for County's New Business Lending Project

MECHANICSBURG, Pa. – A new business lending project in Cumberland County here has partnered with Members 1st FCU. The $1 billion CU along with F&M Trust have committed to providing funds to the new lending program. The loans will be available to eligible businesses seeking to finance growth-oriented expansion projects in the agribusiness, manufacturing, industrial, logistics, technology, tourism and applied health-care core industry sectors that were identified by the county’s 2004 Economic Development Performance Management Plan. Eligible businesses must be located in Cumberland County, employ no more than 100 people and be prepared to add new jobs over a three-year period. Loans for up to 40% of a project’s total cost, from $25,000 to $250,000 at a fixed 5% interest rate will be available. The loan program will also provide financing for other applicable small business projects. Members 1st has grown to become one of the fastest growing small business lenders in the region over the past few years, said Mark Ritter, assistant vice president for small business lending. Both financial institutions will hold a joint workshop session with Cumberland County Economic Development leaders to train and organize the next steps in the program’s marketing rollout.