PIDA Announces Updated Interest Rates

The Pennsylvania Industrial Development Authority (PIDA) has announced updated interest rate options for loan applications submitted through December 31, 2024.

Who can participate in this loan program? A variety of different industry sectors are eligible for PIDA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises.

These rates apply to various financing options, including real estate, equipment, and energy efficiency projects. For traditional real estate loans, borrowers can choose between a fixed rate of 4.75% for up to 15 years or a lower initial rate of 3.75% for seven years, which resets afterward. Additionally, loans with a 10-year term and 20-year amortization offer similar rate structures, including a fixed rate of 4.75% or an initial 3.75% for five years with a reset option.

PIDA also offers competitive rates for other loan categories. Equipment loans under the PIDA-MELF program carry a 4.75% fixed rate for the full term, while working capital and accounts receivable lines of credit have the same fixed rate for a 12-month period. Businesses pursuing pollution prevention and energy efficiency projects benefit from a significantly lower fixed rate of 2.00% for the loan’s duration, encouraging sustainable business practices. These rate options provide valuable financing solutions for businesses across Pennsylvania looking to expand or improve operations.

For more information on PIDA loans or to apply, contact AJ Cimahosky or Lexie Langan in the business development office.

AJ Cimahosky: ajcimahosky@scrantonchamber.com | (570) 342–7711 ext. 137

Lexie Langan: llangan@scrantonchamber.com | (570) 342–7711 ext. 136