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OVERVIEW: The PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program. USES: Land and building acquisitions; Construction and renovation costs; Machinery and equipment purchases; Working capital and accounts receivable lines of credit, Multi-tenant facility projects; Industrial park projects. FUNDING: The PIDA program finances a portion of total eligible project costs. The maximum participation amount is determined by a variety of factors such as the proposed use of the PIDA funds, the business enterprise type applying for financing, the amount of matching financing from sources outside of PIDA, and the number of full-time jobs to be retained or created. Loan approval is contingent upon meeting the program underwriting and collateral requirements. ELIGIBILITY: A variety of different industry sectors are eligible for PIDA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises. TERMS: Up to 15 years for land and building acquisitions and construction / renovation projects; Up to 10 years for machinery and equipment purchases; Working capital and accounts receivable lines of credit have a term of 1 year and can be renewed. Interest rates for the program are based on current market conditions. You may contact PIDA directly or our offices at the Westmoreland Development Council for the current interest rate. FOR MORE INFORMATION: PIDA Guidelines CONTACT US: Ph: (724) 830-3061 Fx: (724) 830-3611
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Loan limitMaximum $400,000
Application fee$500, plus closing costs.
CollateralLoans are secured by lien positions on the assets being financed, and the company guarantee. Additional personal guarantees and collateral may be required.
TermThree to seven years, or the life of the asset, whichever is less.
RateFixed at 4%.
MTLF requires your company to submit these documents with your loan application:•Business and management histories, descriptions of business capabilities and personal resumes•A three-year history of business financial statements, tax returns, accounts receivable/payable•Interim financial statements no more than 90 days old•Income statement projections and cash flow projections for at least one year•Personal financial statements and tax returns•Loan-related project descriptions and anticipated benefits•Itemized project costs
FOR MORE INFORMATION:MTLF Financial Programs Application
CONTACT US:Ph: (724) 830-3061Fx: (724) 830-3611
THERE ARE TWO TYPES OF BONDS:
PEDFA Tax-ExemptTax-Exempt bonds are bonds for which the interest earned by the bondholders is excluded from federal income tax. Since these bonds are more attractive to investors, the interest cost of Tax-Exempt bonds is restricted by federal law.
PEDFA TaxableTaxable bonds have a higher interest rate than Tax-Exempt bonds, but they are not subject to the same stringent tax requirements as Tax-Exempt bonds. All businesses qualified to do business in Pennsylvania except speculative activities may be eligible for taxable financing. There are also fewer restrictions on the uses of the funds. PEDFA Applications must be submitted by a local Industrial Development Authority (IDA) or Industrial Development Corporation (IDC).
FOR MORE INFORMATION:Ph: (724) 830-3061Fx: (724) 830-3611
LOAN LIMITS: 50% of total project cost or $300,000; whichever is less Construction Costs will fall under Davis-Bacon Prevailing Wage Guidelines Max for Working Capital is $100,000
TERMS: Land and Building: Up to 15 Years Machinery and Equipment: Up to 10 Years Working Capital: Up to 3 Years Never longer than the bank term
LOW FIXED RATES: Please call for the current rate
COSTS: 1% Application Fee
REQUIREMENTS: 1:1 match (other private/public financing, owner investment,etc.) Personal guarantees of principals Assignment of life insurance on principals Create or retain one full-time job for every $50,000 borrowed
-No Prepayment Penalty
Loan Programs can be combined to meet larger financing needs up to $900,000 (based on availability of funds)
FOR MORE INFORMATION:RLF Fact Sheet