PIDA Announces Updated Interest Rates The Pennsylvania Industrial Development Authority (PIDA) has announced updated interest rate options for loan applications submitted through December 31, 2024. Who can participate in this loan program? A variety of different industry sectors are eligible for PIDA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises. These rates apply to various financing options, including real estate, equipment, and energy efficiency projects. For traditional real estate loans, borrowers can choose between a fixed rate of 4.75% for up to 15 years or a lower initial rate of 3.75% for seven years, which resets afterward. Additionally, loans with a 10-year term and 20-year amortization offer similar rate structures, including a fixed rate of 4.75% or an initial 3.75% for five years with a reset option. PIDA also offers competitive rates for other loan categories. Equipment loans under the PIDA-MELF program carry a 4.75% fixed rate for the full term, while working capital and accounts receivable lines of credit have the same fixed rate for a 12-month period. Businesses pursuing pollution prevention and energy efficiency projects benefit from a significantly lower fixed rate of 2.00% for the loan’s duration, encouraging sustainable business practices. These rate options provide valuable financing solutions for businesses across Pennsylvania looking to expand or improve operations. For more information on PIDA loans or to apply, contact AJ Cimahosky or Lexie Langan in the business development office. AJ Cimahosky: ajcimahosky@scrantonchamber.com | (570) 342–7711 ext. 137 Lexie Langan: llangan@scrantonchamber.com | (570) 342–7711 ext. 136
Lackawanna College to Help Local Hospitality and Leisure Industry A new partnership between Lackawanna College Lake Region Center and the Wayne Pike Workforce Alliance aims to help local hospitality and leisure businesses grow their staff and train their existing workforce. “The well-rounded training courses that we are offering will be crucial to helping our hospitality and leisure businesses start to rebuild their workforce that was drastically affected by the pandemic,” said Jennifer Passenti, Lackawanna College Lake Region Center Director “We are proud to work with the Wayne Pike Workforce Alliance to help this industry survive and continue to grow.” USDA Rural Development awarded a grant to the Wayne Pike Workforce Alliance to provide internships and online training programs through the Lackawanna College Lake Region Center’s Continuing Education Department. Training courses include marketing and communications, design, Microsoft Office programs, skilled labor, and more. “Workforce Alliance is offering paid internships and free training to qualified businesses in Wayne & Pike Counties,” said Lucyann Vierling, Workforce Alliance Executive Director. “Assisting our local businesses by providing much-needed resources to upskill existing or future staff, will not only assist individuals to retain or gain the skills that can lead to career advancement within the organization, but it also helps support the recovery efforts of the many businesses impacted by the pandemic.” To get connected to the right training program, employers can complete the Train to Retain Form or call 570-390-7613 Ext. 702 for more information. Non-Discrimination Statement
