ELIGIBILITY
- Type of Business
Eligible businesses include most operating-for-profit businesses except hotels, motels, tourist homes, convention centers or any other tourist or recreation center.
Ineligible businesses are charitable and educational institutions, fraternal organizations, churches and organizations affiliated or sponsored by churches, business producing agricultural products and media businesses such as television and newspaper. - Maximum Loan Amount
Up to 50% of the eligible project cost, not to exceed $250,000, depending on availability of funds. - Use of Loan Proceeds
Land and building acquisition
Building construction/renovation
Machinery and equipment
LOAN PROGRAM FEATURES
- Interest Rate
The current interest rate is fixed at 2% for the term of the loan. - Repayment Terms
Real estate-up to 15 years
Machinery and equipment-up to 7 years
LOAN PROGRAM REQUIREMENTS
- Job Requirements
One permanent job must be created per $50,000 NEPA dollars loaned within 3 years from the loan closing date. - Location
The business must be located within one of the following counties: Carbon, Lackawanna, Luzerne, Monroe, Pike, Schuylkill and Wayne.
The business must be located within the boundary of any city having a population of less than 25,000.