NEPA – In order to help businesses retain or expand employment, meet market opportunities, and attract additional investment; the Northeastern Pennsylvania Alliance has made changes / additions to its Business Loan Programs:
- Reduced the interest rate on its ARC Revolving Loan Program to 1%, which is a fixed rate;
- Waived the origination and service fee; and
- Rolled out the SBA 504 Loan Program. The interest rates are near historical low levels on this program.
In addition to these program amendments, NEPA notes the following:
- The interest rates on other additional NEPA Business Loan Programs remain very attractive ranging from 2.75% to 4% fixed.
- The PA Department of Community & Economic Development has also reduced the interest rate on several of its business financing programs including:
- Small Business First Loan Program – The interest rate has been reduced to 1.5% fixed. NEPA administers the Small Business First Program in Northeastern Pennsylvania.
- PA-DCED has also lowered the interest rates on its Pollution Prevention Program and Export Financing Program to 1.5%.