To address a key recommendation of the Governor’s Manufacturing Advisory Council, the Department of Community and Economic Development (DCED) announced that it has reduced the interest rates of five business loan programs to encourage new economic growth and job creation.
In December, DCED lowered the interest rates for the Machinery and Equipment Loan Fund, the Small Business First Program, the Pollution Prevention Assistance Program and the Export Financing Program from 2.75 percent to 1.50 percent. Additionally, the Pennsylvania Industrial Development Authority (PIDA) approved lowering its interest rates to 1.50 percent. PIDA and DCED will also waive fees charged to borrowers.
The new rates will initially be in place for applications received through March 31, 2013.