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Pennsylvania Industrial Development Authority (PIDA)

Provides low-interest loan financing through Industrial Development Corporations for land and building acquisition, construction and renovation, resulting in the creation or retention of jobs.

Eligibility: Manufacturing; industrial; research and development; agricultural processors; firms establishing a national or regional headquarters; Computer/clerical operation centers

Uses: Land and building acquisition; building construction and renovation; industrial park development; multi-tenant spec building construction, acquisition and renovation

Amounts: Loans up to $2 million (within Enterprise Zones, Act 47 Industrial Communities, Brownfield Sites, and Keystone Opportunity Zones, $2.25 million); No more than 30% to 70% of total eligible project costs, based on firm size and unemployment rate; Brownfield sites and those in an Act 47 municipality, Enterprise Zone, Keystone Opportunity Zone or Advanced Technology projects qualify for the lowest interest rate (currently 4.25%).

Terms: 4.25% or 5.25% interest rate, depending upon local unemployment rate (rates subject to change; contact PIDA for current rates); Up to 15-year term on land and buildings; No less than a second mortgage on financed assets; Disbursement to applicant based upon reimbursable expenses; $35,000 cost per job created or retained (no cost per job requirement on industrial park or multi-tenant projects).

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