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


CAN DO, a Certified Economic Development Organization (CEDO) for Luzerne County, has announced the newly released interest rates from the Pennsylvania Industrial Development Authority (PIDA) and the Small Business Administration (SBA) 504 loan programs.

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 and working capital.

CAN DO announced that borrowers can choose from two PIDA loan interest rates for the first quarter of 2020 (January 2020 to March 2020). The first is a fixed rate 15-year loan set at 3% for the life of the loan.  The second will feature an adjustable rate 15-year loan starting at 2% for the first 7 years and then reset to the then-current 10-year treasury yield for the remaining term. 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 up to three (3) years for working capital. The maximum loan amounts are $2.25 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 the closing of the loan.

CAN DO also announced that the SBA 504 January 2020 rates are starting at 3.71% fixed for twenty-five (25) years and 3.64% fixed for twenty (20) years for real estate loans. The SBA 504 January 2020 rate for machinery and equipment is starting at 3.79% fixed for up to ten (10) years. The maximum loan amount for eligible businesses is $5.5 million or 40% of the total project cost, whichever is less. To be considered for an SBA 504 loan, 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.

In its role as a CEDO, CAN DO assists businesses of all sizes in the Greater Hazleton area and all of Luzerne County in obtaining the funding they need to expand or upgrade their facilities or their machinery and equipment. Mark Minnig, CAN DO’s Business Development Specialist, said the benefits companies receive through CAN DO business financing options include up to 90% loan to value, 10% equity options and subordinate financing.

Minnig stated, “CAN DO’s business financing programs are here to assist businesses in Greater Hazleton and throughout Luzerne County 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. This incentive will allow companies to increase investments and grow jobs in our community.”

For more information on PIDA, SBA 504 or other loan programs, visit CAN DO’s business finance website at