CAN DO, Inc. announced a limited-time interest rate incentive for Pennsylvania Industrial Development Authority (PIDA) loan applications as well as terms and conditions for current and future PIDA interest rate policies.
PIDA announced a new 2 percent interest rate policy regarding loans that apply to real estate, machinery and equipment, working capital, and pollution prevention projects. For PIDA loan applications received on or before December 31, 2017, borrowers will receive a 2 percent interest rate fixed for the full term of the loan.
Under this incentive, PIDA loans can be used under the following terms: Real Estate (15-year term), 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 closing of the loan. Applications can be submitted through CAN DO, Inc.
CAN DO Economic Development Specialist Charles F. McElwee III said that as a Certified Economic Development Organization for the Commonwealth of Pennsylvania, CAN DO is ready to assist businesses in Greater Hazleton and throughout Luzerne with all of their financing needs. “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,” he said.
For more information on accessing the new PIDA loan rates or obtaining other business financing, contact McElwee at CAN DO at 570-455-1508.