MCIDC Business Financing Programs

PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA)

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

Eligibility

Job Creation Loans:

• Manufacturing
• Industrial
• Research and development
• Agricultural Processors
• Firms establishing a national or regional headquarters
• Computer/clerical operation centers

Job Retention Loans:

Manufacturing firms that meet certain wage thresholds in that county

Eligible Uses:

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

Where to Apply: MCIDC office (610) 272-5000

Amounts:

Loans up to $2 million (within Enterprise Zones, Act 47 Industrial Communities, Brownfields Sites, and Keystone Opportunity Zones, $2.25 million).

No more than 30% to 70% of total eligible project costs, depending upon firm size and unemployment rate.

“PIDA cost per job” is increased to one new or retained job for each $35,000 loaned.

Terms/Conditions:

Current rate is 3% for projects in the Boroughs of Norristown and Pottstown, "Advanced Technology" projects and all other "industrial" projects in Montgomery County. In order to stimulate economic activity throughout the entire Commonwealth of Pennsylvania, the PIDA Board has approved this 3% interest rate for ALL projects to come before the board until further notice. (10/2008)