First Industries Fund (FIF)

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FIF Program Summary

  • Loan program to stimulate the expansion of PA’s agriculture and tourism industries
  • Available to for-profit enterprises (100 employees or fewer) in the agriculture and tourism industries
  • Administered through York County’s Area Loan Organization (ALO)

Eligible Businesses

Agriculture Industries:

  • Agriculture production
  • Food processing
  • Urban/rural supermarkets
  • Agri waste and fertilizer management
  • Farmers’ markets

Tourism Industries:

  • Hotels/motels/inns
  • Tourism services
  • Other hospitality establishments

Uses and Purposes of Funding

  • Land and building acquisition and construction
  • Machinery and equipment purchases, maintenance, upgrades
  • Working capital

Amounts

  • Loans up to $200,000 or 50% of total eligible project costs, whichever is less
  • Maximum loan amount for working capital is $100,000 or 50% of total eligible costs, whichever is less

Interest Rate

  • 10-year U.S. Treasury rate plus 100 basis points (fixed at time of application)

Terms

  • Up to a 15-year term for land and building
  • Up to a 10-year term for machinery and equipment
  • Up to a 3-year term for working capital

Job Creation and Retention

  • Create or retain one full time job for every $25,000 borrowed

Fees

  • $1,000 non-refundable loan packaging fee
  • 1% commitment fee
  • $2,000 legal fees