Penn's Northeast Announces: 2% Fixed Rate Business Financing through PIDA

07.25.2017

Northeastern, PA - Qualified businesses that want to make new investments in equipment, facilities or real estate now can apply for loans at a low 2 percent fixed rate through the Pennsylvania Industrial Development Authority (PIDA).

"This is a great opportunity for businesses looking to expand and grow in Northeastern PA." said John Augustine, President/CEO of Penn's Northeast.

"We work with our various partners to provide all different types of loans and grants. These are some of the lowest rates we've ever seen. Give us a call today at (570) 883-0504 to get your project started!"

The new 2 percent rate is below the market rate and will use a flat rate for all loans. A wide variety of business can use low-interest PIDA loans to sharpen their competitive edge.

Eligible businesses include:


  • Manufacturing enterprises;

  • Industrial enterprises;

  • Agricultural processors and producers;

  • Research and development enterprises;

  • Hospitality enterprises;

  • Computer-related service enterprises;

  • Construction enterprises;

  • Child day care enterprises;

  • Retail and service enterprises; and

  • Developers.



Eligible project costs through PIDA include:

  • land and building acquisition

  • construction and renovation

  • machinery and equipment acquisitions

  • working capital costs



Eligible costs that can be financed through PIDA include acquisition of land, buildings, machinery, and equipment, as well as construction, renovation, and working capital costs. PIDA is generally able to finance up to 50 percent of eligible project costs, with matching funds from traditional lenders such as banks, equity, or other state financing/economic development-based programs.

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