Type of Business
- Eligible businesses include most operating-for-profit businesses except hotels, motels, tourist, homes, convention centers or any other tourist or recreation center.
- Ineligible businesses are charitable and educational institutions, fraternal organizations, churches and organizations affiliated or sponsored by churches, business producing agricultural products and media businesses such as television and newspaper.
Maximum Loan Amount
- Up to 50% of the eligible project cost, not to exceed $150,000.
Use of Loan Proceeds
- Land and Building acquisition
- Building construction/renovation
- Machinery and equipment
LOAN PROGRAM FEATURES
- The current interest rate is fixed at 2% for the term of the loan.
- Real estate-up to 15 years
- Machinery and equipment-up to 7 years
LOAN PROGRAM REQUIREMENTS
- One permanent job must be created per $25,000 NEPA dollars loaned within 3 years from the loan closing date
- The business must be located within one of the following counties: Carbon, Lackawanna, Luzerne, Monroe, Pike, Schuylkill and Wayne.
- The business must be located within the boundary of any city having a population of less than 25,000.