There was good news earlier this month as the Pennsylvania governor announced additional funding for small business owners in three of the state’s counties. The low-interest loans were part of an ongoing initiative by the Pennsylvania Industrial Development Authority (PIDA). By helping small business owners access the funds they need to expand, they aim to create more employment in the area.
These were the latest in a series of loans PIDA has issued this year. They went to businesses in Elk County, Lancaster County and Northumberland County. Three of the four loans were 15-year reset rate loans at .75%. Each meeting half the cost of the respective expansion projects. The fourth was a 15-year fixed rate loan at 1.75%. The funds will help the businesses to either retain current employees or take on new ones.
In what has been a challenging year for many Pennsylvania companies and workers, it is a reminder of the importance of investing in the future, no matter how big or small you are. The recent batch of loans ranged from $75,000 to $1.9 million, proving that they are available to all business sizes.
The PIDA website makes it clear that they are looking to help industries across the board. These are some of the sectors they mention are eligible to apply:
- Agriculture
- Manufacturing
- Child care
- Hospitality
- Retail
- Travel
- Computer services
- Recycling
If you are thinking of expanding your business, these favorable rates make it an ideal time to do so. There are a strict set of guidelines you must meet to qualify. A local business attorney can help you navigate the application forms and increase your chance of success.