Overview

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

Guidelines

IDC-Certification-Guidelines.pdf

PIDA-Guidelines---October-2009.pdf

Uses

Land and building acquisition; Building construction and renovation; Industrial park development; Multi-tenant spec building construction, acquisition and renovation

Funding

Loans up to $2 million (within Enterprise Zones, Act 47 Industrial Communities, Brownfield Sites and Keystone Opportunity Zones, $2.25 million) - No more than 30-70% of total eligible project costs, based on firm size and unemployment rate.

Eligibility

Manufacturing; Industrial; Research and Development; Agricultural processors; Firms establishing a national or regional headquarters; Computer/clerical operation centers

Terms

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.) Click here to view current interest rates and participation rates. PIDA Interest Rates.

How to Apply

Industrial Development Corporations Refer to Program Guidelines.