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CARLISLE, Pa. – Another bank has signed on to an eight-month old business lending project in Cumberland County here. Omega Bank has joined $1 billion Members 1st Federal Credit Union and F&M Trust in the Cumberland Business First Loan Partnership Program, which was launched last June. All three financial institutions said they have committed to providing funds to the 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. Businesses not involved in agriculture must create at least one full-time job for each $25,000 borrowed. Agribusinesses must generate at least $10,000 in gross yearly revenue and operate on at least 10 acres. The loan program will also provide financing for other applicable small business projects. Members 1st FCU 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 at the time of the partnership launch with the county last year. Omega Bank has 68 offices in 16 counties throughout Pennsylvania.

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