DCED lowered the interest rates for the Machinery and Equipment Loan Fund, the Small Business First Program, the Pollution Prevention Assistance Program and the Export Financing Program from 2.75 percent to 1.50 percent. Additionally, the Pennsylvania Industrial Development Authority (PIDA) approved lowering its interest rates to 1.50 percent.
PIDA and DCED will also waive its fees charged to the borrowers. The new rates will initially be in place for applications received through March 31, 2013.
The GMAC report sent to Gov. Corbett and the General Assembly in August outlined 15 key recommendations, including the need to improve access to capital. The council identified that 45 percent of small manufacturers accessed debt capital in 2010 and that 78 percent of small manufacturers are negatively affected by a lack of access to capital.
For more information about DCED and other Jobs First PA initiatives, visit newPA.com/jobs1st or call 1-866-466-3972.