Why choose a PIDA loan for your business?

By

By Leslie Rylke

There are so many different ways to use a loan from the PA Industrial Development Authority or PIDA.   PIDA is not a substitute for conventional bank lending but works in conjunction with banks or other lenders to provide as much as 50 percent of the project cost to a maximum of $2,000,000.

PIDA’s below market interest rate is a major benefit for cash flow savings. Likewise, often PIDA can be valuable in structuring a project with subordinated lien positions and relaxed loan-to-value requirements.  In general, any business is eligible as long as it falls under the categories listed above and has less than 100 employees.

Companies must work through a certified economic development organization such as the Chester County Economic Development Council (CCEDC) to utilize the PIDA program.  To learn more, contact Mike Grigalonis to start your conversation today!  Get monthly updates on PIDA rates, SBA504 rates and more by signing up for CCEDC’s Finance Finder!

PIDA Real Estate Rates

  • 15 and 20 Year Amortizations
  • 2.0% Adjustable Rate
  • 3.0% Fully Fixed Rate

PIDA Machinery & Equipment Rates

  • 10 Year Amortizations
  • 3.0% Fully Fixed Rate

Eligible project costs:

  • land and building acquisitions
  • construction and renovation costs
  • machinery and equipment acquisitions
  • working capital costs

Eligible businesses:

  • manufacturing enterprises
  • industrial enterprises
  • agricultural processors and producers
  • research and development enterprises
  • hospitality enterprises
  • health care enterprises
  • computer-related service enterprises
  • construction enterprises
  • child daycare enterprises
  • retail and service enterprises
  • developers

[uam_ad id=”54875″]

Stay Connected, Stay Informed

Subscribe for great stories in your community!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
Advertisement