PIDA Financing Rates are still LOW!

Interest Rates on Commercial and Industrial Loans are very competitive, so act today. The rates and terms available through June 30, 2018, are:

  • Fixed interest rate for the full term of the loan (up to a 15-yr. period), set at the current 10-year treasury yield + 100 basis points.  Based on the current 10-year treasury yield, the fixed rate option is 3.75% for the life of the loan.
  • Fixed interest rate for a seven (7) year period set at the 10-year treasury yield.  After seven years, the rate will reset to the then-current 10-year treasury yield.  Please note, the reset rate is limited to a 200-basis point increase/decrease.  The reset rate is then fixed for the duration of the loan.  Based on the current 10-year treasury yield, the rate for the initial (7) year period is 2.75%.

For 10-year term loans with a 20-year amortization period;

  • Fixed interest rate for the full term of the loan (10-yr. period). This option is calculated using the 10-year treasury yield +100 basis points.  Based on the current 10-year treasury yield, the fixed rate option is 3.75% for the life of the loan.
  • Fixed interest rate for a five (5) year period set at the 10-year treasury yield.  After five years, the rate will reset to the then-current 10-year treasury yield.  Please note, the reset rate is limited to a 200-basis point increase/decrease.  The reset rate is then fixed for the duration of the loan.  Based on the current 10-year treasury yield, the rate for the initial (5) year period is 2.75%.

For Equipment loans – 3.75% fixed rate for the full term of the loan.

UPDATE: PIDA now offers a significant equipment program enhancement through the increasing of lending limits for machinery and equipment loans funded from the PIDA-MELF account from $1,500,000 to $5,000,000.  This lending increase applies to projects where PIDA is financing machinery and equipment acquisitions for eligible manufacturing, industrial, biotechnology, and computer-related service enterprises.

For Working capital and accounts receivable lines of credit – 3.75% fixed rate for a 12-month period.

For Pollution prevention and energy efficiency loans – 2.00% fixed rate for the full term of the loan.

Health care is now an option under PIDA!

Health care facilities are now considered as eligible industrial enterprises under PIDA.  Due to Pennsylvania’s aging population and the need for critical health care services to be offered throughout all areas of the Commonwealth, the PIDA Board felt it was important to include healthcare facilities as its own classification under PIDA.  Under PIDA, an eligible health care facility enterprise shall include any healthcare facility, other than a general or special hospital, that provides clinically-related health services, including, but not limited to ambulatory surgical services, long-term nursing care, cancer treatment, inpatient drug and alcohol treatment, cardiac care, women’s care, pediatric, urgent or emergency care, phlebotomy services, imaging services, rehabilitative therapy, occupational therapy, and hospice services.  Eligible health care facilities can receive real estate loans up to $2,000,0000 or $2,250,000 if the project site is located in a state enterprise zone, state Act 47 municipality, federal empowerment zone, federal enterprise community, brownfield site, Keystone Opportunity Zone, or Keystone Opportunity Expansion Zone as well as eligible to receive machinery and equipment loans up to $5,000,0000.

Contact EGC’s Greg Daigle to discuss your project. 724.830-3604