DCED is lowering interest rates for the Machinery and Equipment Loan Fund (MELF), the Small Business First Program (SBF), and the Pollution Prevention Assistance Program (PPAA), from 2.75% to 1.50%. In addition, waiving fees charged by DCED to the borrowers.
DCED has also lowered the interest rate for Pennsylvania Industrial Development Authority (PIDA) program from 2.25% to 1.50% fixed for 15 years and DCED is also waiving its fees. These rates are good for new applications and are valid until March 31,2013.
The Commonwealth of Pennsylvania is committed to growing businesses, promoting job creation, and improving the economic base of communities. By reducing interest rates and the cost of borrowing, DCED hopes to encourage new capital investment, provide critical access to capital, and free up operating cash to support new hiring.