| Description: |
1. PENNSYLVANIA CAPITAL ACCESS PROGRAM (PennCap) - Loan program designed to help those businesses that don't meet normal banking requirements. May be a term loan or line of credit.
2. PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA) LOANS FOR JOB CREATION & RETENTION - Low interest loan to help those businesses involved in manufacturing, industrial, agri-business, computer or clerical operation centers, office buildings used as national or regional headquarters and R&D facilities to create and retain jobs. Service, commercial and retail operations are not elgible.
3. INDUSTRIAL SITES REUSE PROGRAM(ISRP) - see Infrastructure Grants
4. MACHINERY AND EQUIPMENT LOAN FUND(MELF) - A low interest loan used to finance the purchase and installation of new and used machinery and equipment for companies who are unable to fully fund a project from other private and public sources.
5. PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA) MULTI-OCCUPANCY LOAN - Low interest loans to Industrial Development Corporations to help finance facilities which will house two or more unrelated tenants.
6. PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY INDUSTRIAL PARK LOANS - Low interest loan made directly to Industrial Development Corporations to help finance the acquisition and development of land for industrial use. Maximum amount of the loan is 60% of the project cost not to exceed $2 million.
7. CITIZEN'S JOB BANK - A public/private partnership has been created between the state of Pennsylvania and Citizen's Bank to create a fund to provide low interest loans at a fixed rate to manufacturing or industrial businesses making a significant investment. |
| Eligibility Requirements: |
1. Most Pennsylvania businesses qualify, even start-ups. Maximum amount of loan is $500,000. Loan may be used for the acquisition of land, building, equipment and working capital. Must apply through the lending institution.
2. Funds may be used for only land and building costs. The interest rate for a loan is based upon an area's unemployment rate. For every $35,000 loaned one job is to be created. For industrial and agri-business, a minimum of 25 jobs is to be created with a minimum investment of $200,000. National/regional headquarters must create 125 new jobs with a minimum investment of $1.5 million. The life of the loan may not be for more than 15 years.
3. See Infrastructure Grants
4. Eligible applicants include manufacturing, industrial, agricultural processing, direct mining, agricultural producers, information technology, biotechnology and medical facilities(must meet specific requirements). Matching lending sources must have equivalent or longer terms than the MELF loan. For each $25,000 lent, one full-time job must be created. Machinery and equipment may be ordered and received, but not installed prior to receiving loan approval. Loans are for 10 years. May not use loan to pay for repairs of current machinery and equipment.
5. Eligible applicants include manufacturing, industrial, including warehouse and distribution. May be used for land and building costs only.
6. Industrial Development Corporation must own land that is being developed. PIDA takes the mortgage from the IDC who holds the title. When the land is sold to private company, PIDA releases the mortgage and and the IDC uses a portion of the proceeds to repay the loan.
7. Funds from the loan may be used for the purchase of machinery and equipment, land and building. Minimum amount for the loan is $1,000,000 and the maximum amount is $10,000,000. Loan amount may not exceed 75% of the projected cost. Building loans are not to exceed 75% of the appraised value of the building. One full-time job must be created for every $25,000 borrowed. |
