State partnership offers business lending with low interest rates
For a limited time, businesses and farms can tap into loans with ultra-low interest rates offered through SEDA-Council of Governments, according to a news release.
The 2 percent interest rate for Pennsylvania Industrial Development Authority loans through the state Department of Community and Economic Development are available until the end of the year or until lending caps are met, whichever is first, the news release said.
Those interested should contact SEDA-Council of Governments before Nov. 15 as applications need to be received by Department of Community and Economic Development by Dec. 31 to get this rate locked in.
The Pennsylvania Industrial Development Authority board approved this interest rate incentive to encourage businesses to make investments and grow jobs in Pennsylvania, the news release said.
Thus far in 2017, Pennsylvania Industrial Development Authority has approved more than $29 million in low-interest loans that have resulted in more than $143 million in private investment and supported 1,411 new and retained full-time jobs.
According to the news release, over the past month, Pennsylvania Industrial Development Authority approved a total of more than $2 million in fixed, low-interest loans to seven projects in Bucks, Cumberland, Franklin, Lancaster and Perry counties that will generate more than $5.5 million in matching capital investment.
Pennsylvania Industrial Development Authority loans through SEDA-Council of Governments are available for small businesses and farms located in Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Perry, Snyder and Union counties.