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PA food processing companies may be eligible for Pennsylvania Industrial Development Authority loans with limited-time 2 percent interest rate

Business financing plays an integral role in many expansion and location discussions throughout the food processing industry. Companies operating in Pennsylvania may have an advantage through low-interest loans offered by the Pennsylvania Industrial Development Authority (PIDA), including a limited-time option for a 2 percent interest rate incentive.

Under this incentive, PIDA loans can be used under the following terms: Real Estate (15-year term), Machinery and Equipment (10-year term), and Working Capital (12-month term). Eligible applicants can borrow $35,000 for every job retained and/or $50,000 for every job created within three years of the closing of the loan.

Eligible PIDA loan land costs may include site preparation and testing, utilities, site mapping, and other related costs. Land costs must be directly associated with the purchase, renovation, or new construction of a building or a production facility that will be used by an eligible business. Building costs may include building acquisition, construction, renovation and engineering, architectural, legal, multi-tenant projects and other related costs. Machinery and equipment costs may include acquisition, delivery, and installation costs.

As a Certified Economic Development Organization (CEDO) for the Commonwealth of Pennsylvania, CAN DO can accept PIDA loan applications and assist new and expanding businesses in Greater Hazleton and throughout Luzerne County with many of their financing needs.

CAN DO Economic Development Specialist Charles F. McElwee III said, “PIDA’s 2 percent interest rate incentive provides an excellent opportunity for small businesses throughout Greater Hazleton and Luzerne County to obtain the financing they need at an affordable rate. This incentive will allow companies to increase investments and grow jobs in Pennsylvania.”

For more information on accessing the new PIDA loan rates or obtaining other business financing, contact McElwee at CAN DO at 570-455-1508.

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