DCED Extends Reduced Interest Rates to Encourage Job Growth
To encourage business growth and job creation, DCED has extended the reduced interest rates on three of its loan programs from 2.75 percent to 1.50 percent and has waived fees charged by DCED to the borrowers.
When Tom Corbett was elected Governor, he made a commitment to lead the Pennsylvania economy back to prosperity by ushering in an economic environment where the private sector can grow and create jobs. As a result of these efforts, we have seen positive changes across the state. Manufacturing jobs have grown by the highest number in a decade and Pennsylvania has added more than 117,000 private sector jobs to our economy.
To continue this momentum, on December 4, 2012, DCED Secretary C. Alan Walker announced that the department is lowering interest rates for the Machinery and Equipment Loan Fund (MELF), the Small Business First Program (SBF) and the Pollution Prevention Assistance Program (PPAA) from 2.75 percent to 1.50 percent. Additionally, the department will also waive fees charged by DCED to the borrowers.
The new rates for the four DCED loan programs were initially in place for applications received through March 31, 2013. The three month extension will apply the new rate to applications received through June 30, 2013.
Access to capital is a critical component of any successful manufacturer and often the determining factor of whether a job creating project moves forward. By reducing interest rates and the cost of borrowing, the Corbett administration is encouraging new growth through providing critical access to capital and freeing up operating cash to support new job creation.
For additional details, please contact, DCED’s Office of Innovation and Investment’s Scott Dunkelberger at 717-720-1418 or e-mail email@example.com.