Is your business looking to purchase a new piece of equipment, start a renovation project or just need working capital? The Chamber can help!
Through its affiliate partners, the Chamber can act as a liaison and provide tailored financing solutions for its members. Our staff has decades of experience in identifying the appropriate funding resources that leverage federal, state, regional and local funding.
The Chamber will guide your business through all stages of the financing process, beginning with explaining the variety of available funding packages. We can also help with completing and submitting funding applications.
Our funding programs:
MetroAction Small Business Loan Program
MetroAction specializes in providing term loans to start-up and expanding businesses. The loan programs offer flexible requirements as it pertains to credit, collateral requirements and credit scores. In addition, MetroAction can partner with a local bank or lending institution to provide a complete loan package
Terms: Up to 5 years. No prepayment penalty.
Interest Rates: Fixed for the term of the loan.
Loan Use: Working or start-up capital, to purchase or upgrade equipment, renovations, etc.
Pennsylvania Industrial Development Authority (PIDA) Loan Program
The Pennsylvania Industrial Development Authority (PIDA) Loan Program provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities.
Amount: The PIDA program finances a portion of the total project cost. The maximum loan amount is $2.25 million based on eligible project costs and location.
Terms: Up to 15 years for land and building acquisitions and construction/renovation projects; up to 10 years for machinery and equipment; or up to one year for working capital and accounts receivable lines of credit (can be renewed).
Interest Rate: Fixed for the term of the loan.
Eligible Uses: Land and building costs, machinery and equipment, working capital lines of credit, accounts receivable lines of credit.
Pennsylvania Economic Development Financing Authority (PEDFA) Loan Program
The Pennsylvania Economic Development Financing Authority (PEDFA) Loan Program provides taxable bonds that may be used to finance land, building, equipment, working capital and refinancing projects.
Amount: Loans start at $400,000 and can finance 100% of the project cost.
Terms: Terms vary depending on project scope.
Interest Rate: Weekly variable or fixed for the term of the loan.
Eligible Uses: Land and building costs, building renovation and new construction, machinery and equipment acquisition and installation, designated infrastructure, refinancing and working capital.
For additional information or to speak with a staff person please call The Chamber at 570-342-7711.