A ‘Legacy Moment’ for the Tyrone Borough, Tyrone Area Chamber of Commerce, and ABCD Corp.
The Tyrone Borough is excited to announce the launch of their new Micro Loan Fund, a financing program designed specifically for businesses located in the Tyrone Borough.
The Micro Loan Fund is a huge accomplishment made possible through the coming together of the Tyrone Borough, the Tyrone Area Chamber of Commerce, and the ABCD Corp. The Micro Loan Fund will not only support current Tyrone businesses, but also the businesses of generations to come.
“I can’t say this enough, but this is absolutely the biggest thing I can look back on throughout my time on council,” says Councilman David Snyder. “This is the thing I’m the most proud of.
The program, which consists of a low interest micro-loan component as well as a grant component, will provide both current and future businesses with financial assistance. “This program goes beyond what we normally tackle. This is a measure that goes beyond maintaining the infrastructure of a small town. This makes entrepreneurial dreams possible for so many people. This is why I joined council,” says David.
David was first approached by John Russell, local entrepreneur, and Rose Black, Director of the Tyrone Area Chamber of Commerce. In its early stages, the initial proposal was purely a grant program. After loving the idea, David proposed it to other council members and received an overwhelming positive response.
The conversation then went from a grant program to a self-sustaining low interest loan program. “My initial thought was, ‘What if we offer both?’” says David. “The loan would be a perpetual benefit to Borough residents to launch entrepreneurial projects, as well as expand what’s already in existence.”
David describes the program as a “legacy”, something that they could leave behind long after vacating their positions. “This was a collaborative effort among the Borough, Chamber, and ABCD Corp. The chamber provides the proposal, the borough provides the funds, and the ABCD Corp. provides the vehicle. Everything just clicked. This is a legacy moment for us. I can’t emphasize enough how proud I am of it.”
Throughout the past five years, the community has seen a major revitalization in downtown Tyrone with the renovation of multiple buildings and the opening of many businesses such as The Brew, InspectionGo, and the Tyrone Youth Athletic Association. The Tyrone Borough Micro Loan Fund will allow that momentum to continue for decades to come.
To learn more about the program, visit http://www.abcdcorp.org/financing/#tyronemicro.