The Pennsylvania Industrial Development Authority (PIDA) provides low-cost loans and lines of credit to Pennsylvania businesses committed to creating and retaining jobs within the state of Pennsylvania. Businesses located within the City of Pittsburgh can access PIDA loans through the URA.
Interested businesses and prospective applicants will work with URA staff to have their loan application packaged and underwritten. The Pittsburgh Economic & Industrial Development Corporation, a URA-affiliate, facilitates the PIDA loan as a part of PIDA's network of Certified Economic Development Organizations.
PIDA Loan Program
Provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs within the commonwealth.
- Loan Amounts: up to $2,500,000 for real estate; up to $1,500,000 for machinery & equipment; up to $100,000 for working capital
- Interest Rates: interest rates are typically 1-2 percent below industry-standard; fixed or variable rates for real estate loans; fixed rate for machinery & equipment and working capital loans
- Length of Loan/Maturity & Renewals: up to 15 years for land/building acquisitions and construction/renovation costs; up to 10 years for machinery & equipment purchases; up to 3 years for working capital term loans; up to 12 months on lines of credit with annual renewal up to a maximum of 6 years
- Collateral: collateral is determined based on the asset being financed; personal guarantees are required by the principal owner(s)
- Application fee: $350
- URA Commitment & closing fee: 3% of the loan amount
- PIDA commitment fee: 1% of the loan amount (only applicable to loans over $400,000
The Small Diverse Business Capital Access (SDBCA) Loan Program
Provides low-interest loans and lines of credit to small, diverse businesses that commit to creating and retaining full-time jobs within Pennsylvania.
- Diverse businesses: Minority-, woman-, veteran-, or service-disabled-veteran- owned
- Loan Amounts: up to $200,000 for term loans; up to $100,000 for lines of credit
- Interest Rates: interest rates fixed and based on market conditions
- Length of Loans/Maturity & Renewals: up to 15 years for land/building acquisition, construction, or renovation loans; up to 10 years for machinery & equipment loans; up to 12 months for lines of credit; lines of credit can be renewed on an annual basis up to a maximum of six years
- Collateral: collateral is determined by the asset being financed; personal guarantees are required by the principal owners
- Application fee: $350
- Commitment & closing fee: 3% of the loan amount
Interested in a PIDA loan?
Please contact James Reid at 412-426-5684 or email@example.com.