Pennsylvania Industrial Development Authority – Small Business (PIDA-SB)

PIDA-SB Program Summary

  • Low Interest Loans
  • Available to small businesses (100 employees or fewer)
  • Administered through the York County’s Certified Economic Development Organization (CEDO)

Eligible Businesses

  • Manufacturing
  • Industrial
  • Construction enterprises
  • Agricultural producers
  • Child-daycare centers
  • Technology-oriented and computer-related services
  • Hotels, motels or restaurants (established non-startups)
  • Environmental compliance/pollution prevention
  • Municipal or commercial recyclers
  • Export-related
  • Military and defense-related
  • Mining
  • Service enterprises (located in distressed communities)

Uses and Purposes of Funding

  • Land and building acquisition and construction
  • Machinery and equipment purchases, maintenance, upgrades and repairs
  • Working capital and accounts receivable lines of credit
  • Environmental compliance/pollution prevention

Amounts

  • Maximum loan amount is $400,000 or 50% of total eligible project costs, whichever is less
  • Maximum loan amount for service enterprises is $200,000 or 50% of total eligible projects costs, whichever is less
  • Maximum loan amount for pollution prevention and energy efficiency projects is $100,000 or 75% of total eligible project costs, whichever is less
  • Maximum line of credit amount is $100,000 (50% match is required for service enterprises)

Interest Rate

  • Based on current market conditions (fixed at time of application)

Terms

  • Up to a 15-year term for land and building
  • Up to a 10-year term for machinery & equipment
  • Up to a 1-year term for working capital and accounts receivable lines of credit, which can be renewed annually up to a maximum of six (6) years
  • Up to a 10-year term for pollution prevention and energy efficient projects

Job Creation and Retention

  • Create one full-time job for every $50,000 borrowed, or retain one full-time job for every $35,000 borrowed
  • Agricultural producers and pollution prevention projects are not subject to job creation and retention requirements

Fees

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