Small local businesses put at risk by the coronavirus pandemic now have another source to turn to for help.
The Pennsylvania 30 Day Fund, a volunteer-driven nonprofit, was started by Jeff Bartos, Richard Phillips, and Roger Braunfeld.
Together with other Commonwealth business leaders, the fund’s goal is to help save as many jobs as possible in Pennsylvania while small businesses wait for recently approved federal funding.
“We have been fortunate to recruit a group of talented and diverse leaders to join our board of directors,” said Bartos, owner of a small business from Merion. “We have volunteered every day for the past two weeks to review applications and fund small businesses with $ 3,000 forgivable loans. Small businesses in Pennsylvania are facing an extinction level event, and we are honored to have the opportunity to help save as many small businesses as possible over the next 30-45 days. “
Although this is a statewide initiative, help is available for small businesses in Blair County.
“I love the energy of it, I’m on fire about it”, said Jim Foreman, Partner at Pro Care and Fund Facilitator for Blair County. “All funds raised here will be used here – 100% of funds raised here will go to businesses here. We’ve only been working on it since last weekend. We are just getting started and between the pledges and the money received, we have collected around $ 60,000 in a few days, from around twenty contributors.
“It is a caring and generous community where people identify with the mission. We hope to reach hundreds of thousands of dollars.
The money for the fund comes from individuals, foundations and other business owners.
Loan applications should be submitted online via www.pa30dayfund.com.
“We review online applications”, Bartos said. “It’s a very simple process. We have 19 volunteers from the University of Pennsylvania and The Wharton School. They review applications and make recommendations to the board. They can get $ 3,000 in forgivable loans in three working days. or less.
Blair County has formed its own watchdog to work with Bartos’ group to review the claims. Members include Doug Wolf, Diane Osgood, Tim Harclerode, Don Witherspoon and Jesse Ickes.
“As the money comes in, they will review and distribute the funds”, said Foreman. “They represent a good cross section of our community. We work hard to get cash fast and give out rewards. They will be giving out rewards as early as next week.
To be eligible for a loan, businesses must employ 3 to 30 people. They must be based in Pennsylvania, have been in operation for at least a year, and be owned and operated by a resident of Pennsylvania, Bartos said.
Bartos said the fund receives many requests.
“We have already received around 800 applications in just over two weeks”, he said. “We have now received $ 300,000 to help them. The need is greater than the funding. We’ve funded over 45 in two weeks, but none are in Blair County. We want businesses to apply. We are delighted that small businesses in Blair County are applying.
People who wish to donate to the fund can do so online.
The fund has applied for exempt status under Section 501 (c) (3) of the Internal Revenue Code, as amended. Contributions to the 30 Day PA Fund will become tax deductible if the IRS determines that the 30 Day PA Fund is exempt under section 501 (c) (3). The PA 30 Days Fund does not offer any guarantee that contributions will become tax deductible.
Foreman also said the local group works collaboratively and in partnership with Altoona Blair County Development Corp. and the Blair County Chamber of Commerce, which will roll out complementary programs designed to help local businesses with resources, finance and marketing.
Mirror staff writer Walt Frank is at 946-7467.
Comments are closed.