CAN DO, Inc., announced updated interest rate options for Pennsylvania Industrial Development Authority (PIDA) loans for the 2017 second quarter and program enhancements for machinery and equipment loans and financing for eligible real estate costs. The new rates are in effect for loan applications received through June 30, 2017.
The first program enhancement increases the lending limit for machinery and equipment loans funded from the PIDA-Machinery and Equipment Loan Fund (MELF) account from $400,000 to $1.5 million. The lending increase applies to projects where PIDA is financing machinery and equipment acquisitions for eligible manufacturing, industrial, biotechnology, and computer related service enterprises. A 50 percent match is required. Loans funded via the PIDA-MELF fund are subject to the job retention/creation requirements of one full-time job retained for every $35,000 loaned and/or one full-time job created for every $50,000 loaned.
The second enhancement involves loans that are used to finance eligible real estate costs such as acquisition, construction, or renovation projects. In addition to the customary 15-year term loans with a regular 15-year amortization, PIDA is now offering a 10-year loan term with payments based on a 20-year amortization period and a balloon payment due at the end of the 10-year term.
If a borrower chooses the 10-year term/20-year amortization option, the borrower will be required to pay off the loan in full at the end of the 10-year period or refinance the remaining balance with a lending institution outside of PIDA.
Humboldt Park Association members learned about an Industry Partnership grant for the Logistics and Transportation sectors that’s valued at more than $50,000 and received the latest updates to the Humboldt Industrial Park’s Emergency Preparedness Plan during a meeting earlier this month at McCann School of Business and Technology in Hazle Township.
Pennsylvania CareerLink® Luzerne County Administrator Christine Jensen announced that PA CareerLink® Luzerne County, along with the Luzerne/Schuylkill Workforce Investment board, recently received a $55,000 Industry Partnership Grant for the Logistics and Transportation industry that will provide businesses in those sectors with partial funding for training in high-priority occupations. As a result of the grant, employers can receive up to a 65 percent cost reimbursement on training programs for their existing workforce.
The grant is available to train employees in a variety of positions, including light and heavy truck and tractor-trailer drivers, maintenance and repair workers, forklift operators, bus and truck mechanics and diesel engine specialists, industrial electricity operators, industrial motor controls operators and programmable logic controllers. The grant is available through June 30. Funding is also available for the manufacturing industry.
Pennsylvania has possessed a reputation as a prime location for companies in the manufacturing industry for decades. This was most evident when the Commonwealth ranked in the top 10 in several categories in two national polls of the top manufacturing states and locations. The Northeastern Pennsylvania Industrial Resource Center (NEPIRC) followed up these national rankings with a regional analysis of the manufacturing industry that shows the current and future benefits for companies located in the region.
In Business Facilities’ 2016 Annual Rankings Report, Pennsylvania ranked in the top 10 across five crucial industry categories, including manufacturing, infrastructure and exports. PA placed sixth in the “Top Manufacturing States” category, which measures employment totals for manufacturing jobs; fifth in the “Infrastructure Upgrades” category and 10th in the “Exports” category.
Located directly along the I-81 corridor in Northeast Pennsylvania and just minutes from I-80, Greater Hazleton offers an ideal location, just two hours to New York City and Philadelphia and within a day's drive of half the nation's population.