Type of business
- Eligible businesses include for-profit businesses (individual proprietorships, partnerships or corporations). Emphasis is placed on manufacturing and industrial business.
- Ineligible businesses include:
- Non-profit businesses, Passive income or developer/landlord institution, lending and investment institutions, media (newspaper, magazines, etc.) medical facilities, farming and agricultural projects.
Maximum Loan Amount
- $200,000 or 50% of a project, whatever is less.
Use of Loan Proceeds
- Land and Building acquisition
- Building construction or renovation
- Machinery and equipment
- Working Capital
LOAN PROGRAM FEATURES
- The current interest rate is fixed at 2.75% for the term of the loan.
- Real estate up to 15 years
- Machinery and equipment up to 7 years
- Working Capital up to 3 years
LOAN PROGRAM REQUIREMENTS
- One permanent job must be created or retained per $25,000 NEPA dollars loaned within 3 years from the loan closing date.
- The project must be located within the Northeastern Pennsylvania counties of Carbon, Lackawanna, Luzerne, Monroe, Schuylkill and Wayne.