The Pennsylvania Industrial Development Authority Overview (PIDA) provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of Certified Economic Development Organizations (CEDOs) that partner with PIDA to administer the program. CAN DO is a CEDO primarily responsible for The Greater Hazleton Area, but certified for all of Luzerne County.
The PIDA program finances a portion of total eligible project costs. The maximum participation amount is determined by a variety of factors such as the proposed use of the PIDA funds, the business enterprise type applying for financing, the amount of matching financing from sources outside of PIDA, and the number of full-time jobs to be retained or created.
Loan approval is contingent upon meeting the program underwriting and collateral requirements.
A variety of different industry sectors are eligible for PIDA financing, including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises.
Interest rates for the program are based on current market conditions. Please contact the PIDA Office or the CEDO in the county your business is located for the current interest rate.
Loan applications are packaged by a CEDO that services the county your business is or will be located in. As a CEDO in Luzerne County, CAN DO will work with you to determine whether or not the PIDA loan program can assist with financing the needs of your business and will discuss with you in detail how the application process works.
Land costs may include site preparation and testing, utilities, site mapping, and other related costs. Land costs must be directly associated with the development of an industrial park or 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 (M&E) costs may include, acquisition, delivery, and installation costs. Eligible if associated with acquisition of machinery and equipment that the business newly purchases.
Working capital lines of credit costs may include day-to-day operating expenses of a business.
Accounts receivable lines of credit costs may include receivables sold on payment terms up to 180 days accounts as well as receivable financing to support export activities.
Projects relating to any of the following activities are not eligible:
A PIDA loan can be matched by a variety of different financing sources including, but not limited to, traditional private financing, equity contributions, seller financing, as well as local, state, and federal grant and loan programs.
Note: agricultural producers and service enterprises as well as multi-tenant facility and industrial park projects are not bound to meet the job creation/retention requirement.
1. Land and Building Costs:
2. Machinery and Equipment Costs:
3. Working Capital and Accounts Receivable Costs:
4. Pollution Prevention and Energy Efficiency Costs:
Interest Rate – The interest rate for the loan will be fixed at the time of approval of the loan and remain fixed for the duration of the repayment term. Contact CAN DO for the current interest rate. Interest Rates are set quarterly.
Terms – Depending on credit underwriting, PIDA may require that the term of the loan not exceed the term of any matching lending source with a lien senior to or shared with the PIDA lien.