The Pennsylvania Industrial Development Authority (PIDA) Board of Directors took action to make $61 Million available for working capital loans to small businesses. Small businesses are defined as for-profit businesses with fewer than 100 employees (WORLDWIDE) at the time of application. While not specified in the guidelines, the interest rate will be 0% except for Ag Producers, which shall have a rate of 2%.
All applications need to be submitted by and through a certified area loan organization, which in the case of Franklin County is the Franklin County Area Development Corporation (FCADC). The FCADC office is working remotely, which will likely create some logistical challenges associated with the loan packaging, but their staff will be doing the best they can to mitigate them.
The program guidelines and the REQUIRED addendums are on the FCADC website at www.FCADC.com. If you have any questions or require additional assistance, please call the FCADC office at (717) 263-8282.