• Cumberland Area Economic Development Corporation
  • Serving Cumberland County
  • Pennsylvania’s destination for business and leisure

Pennsylvania Industrial Development Authority (PIDA)

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Pennsylvania Industrial Development Authority (PIDA) loans provide low-interest financing for the development of industrial parks and multi-tenant facilities. Applications for PIDA eligible projects in Cumberland County need to be submitted through Cumberland Area Economic Development Corp.

ELIGIBLE PROJECTS

  • Land and building acquisitions
  • Construction and renovation costs
  • Machinery and equipment purchases
  • Working capital and accounts receivable lines of credit
  • Multi-tenant facility projects
  • Industrial park projects

ELIGIBLE BORROWERS

  • Manufacturing
  • Industrial
  • Agricultural Processors
  • Research and Development
  • Hospitality
  • Defense Conversion
  • Recycling
  • Construction
  • Child Day-care
  • Retail and Service
  • Export
  • Computer-related Service Enterprises

LOAN LIMITS

  • Land and Building: $200,000 to $2,250,000 or 50% to 75% of the total eligible land and building costs, whichever is less
  • Machinery and Equipment: $200,000 to $400,000 or 50% of the total eligible M&E costs, whichever is less
  • Working Capital and Accounts Receivable: The maximum line of credit amount is $100,000 to $350,000
  • Pollution Prevention and Energy Efficiency: The maximum loan amount is $100,000 or 75% of the total eligible P&E project costs, whichever is less

TERMS

  • Up to 15 years for land and building acquisitions and construction / renovation projects
  • Up to 10 years for machinery and equipment purchases
  • Working capital and accounts receivable lines of credit have a term of 1 year and can be renewed
  • At least one (1) job must be retained for every $35,000 borrowed. For projects that will result in jobs being created, at least one (1) job must be created for every $50,000 borrowed.

RATE

  • Land and Building (Real Estate) – 3.00% fixed rate for a seven-year period; 4.00% fixed rate for a 15-year period
  • Machinery and Equipment – 4.00% fixed rate for the full term of the loan
  • Working Capital – 4.00% fixed rate for 12-month period
  • Pollution Prevention and Energy Efficiency Loans – 2.00% fixed rate for the full term of the loan
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Mill Street Industrial Land