NEPA – In order to stimulate new investment and enable businesses to establish new jobs, the Pennsylvania Department of Community & Economic Development recently reduced the interest rates on several of its business financing programs.
The interest rate on the Small Business First Program has been reduced to 1.5%. In the seven county Northeastern Pennsylvania region, the Small Business First Program is operated by the Northeastern Pennsylvania Alliance. The previous rate had been 2.75%. This rate is fixed throughout the loan term. This rate is effective for applications received by PA-DCED through March 31, 2013.
Also, PA-DCED reduced the interest rate on several additional programs including the Pennsylvania Industrial Development Authority (PIDA), Pollution Prevention Program (PPAA) and the Export Financing Program to 1.5%. For these three programs certain fees have been waived. These rates will be in effect through March 31, 2013 for applications received by that date.
NEPA has also lowered the interest rate in its ARC RLF Programs to 1%. This rate is fixed throughout the loan term. NEPA has also waived its origination and service fee on all its loan programs.