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One S. Church Street, Suite 200, Hazleton, PA 18201      
570.455.1508   570.454.7787    


This past week, the U.S. Small Business Administration (SBA) 504 and the Pennsylvania Industrial Development Authority (PIDA) released their new interest rates.

SBA 504 and PIDA are two revolving loan funds that assist in the growth of businesses of all sizes in Pennsylvania. They provide long-term, low-interest-rate loans to eligible businesses that commit to creating and/or retaining full-time jobs. Eligible costs include, but are not limited to, land and building costs, machinery and equipment costs, refinancing of existing commercial real estate and/or equipment debt (SBA 504) and working capital (PIDA).

The SBA 504 June 2019 rates are starting at 3.983% fixed for twenty (20) years and 4.09% fixed for twenty-five (25) years for real estate loans. The June 2019 rate for machinery and equipment is starting at 4.365% fixed for up to ten (10) years. The maximum loan amount for eligible businesses is $5 million or 40% of the total project cost, whichever is less. The business’s tangible net worth cannot exceed $15 million and the business’s average net income after federal income taxes (excluding carry-over losses) for the two full fiscal years prior to application cannot exceed $5 million. Eligible applicants can borrow $65,000 for every new full-time job created.

Meanwhile PIDA announced that its two interest rates for the third quarter of 2019 (July 2019 to September 2019) will feature a fixed rate of 3.00% or the option to have a variable rate of 2.00% (half the term of the loan). The term for a PIDA loan is up to fifteen (15) years for real estate, up to ten (10) years for machinery and equipment, and one (1) year for working capital (but can be renewed annually up to a maximum of six (6) years). The maximum loan amounts are $2 million for real estate, $400,000 for machinery and equipment (or 50% of the total project cost, whichever is less), and $100,000 for working capital. Eligible applicants can borrow $35,000 for every full-time job retained and/or $50,000 for every full-time job created within three years of closing of the loan. Applications can be submitted through CAN DO, Inc.

CAN DO Economic Development Specialist Mark Minnig said that as a Certified Economic Development Organization for the Commonwealth of Pennsylvania, CAN DO is ready to assist businesses in Greater Hazleton and throughout Luzerne with all of their financing needs.

“PIDA and SBA 504’s low interest rate incentives provide an excellent opportunity for businesses of all sizes throughout Greater Hazleton and Luzerne County to obtain the financing they need at an affordable rate. These incentives will allow companies to increase investments and grow jobs in our community,” he said.

For more information on SBA 504 and PIDA loan programs, please reach out to Mark Minnig, Economic Development Specialist, Greater Hazleton CAN DO, Inc. at (570) 455-1508 ext. 2007 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..