Department of Community and Economic Development Secretary Dennis Davin today announced the creation of a new loan program to be administered through the Pennsylvania Industrial Development Authority (PIDA), dedicated to improving diverse small business participation, and the approval of new state investments projected to create and retain 117 jobs.
"Governor Wolf recognizes that diversity, inclusion, and small business opportunities are essential to ensuring jobs that pay and to restoring a thriving Pennsylvania economy," Davin said. "Today the PIDA board approved four strong projects, and we look forward to even greater participation through the changes announced today for years to come."
The Small Diverse Business Capital Access (SDBCA) Program is administered by the Pennsylvania Industrial Development Authority and provides low-interest loans and lines of credit to small diverse businesses located within the commonwealth that commit to creating and/or retaining jobs. A small diverse business is defined as a minority-owned, woman-owned, veteran-owned, or service-disabled veteran-owned business that has 100 or fewer full-time employees worldwide and is certified by the Pennsylvania Department of General Services (DGS). Loan applications are packaged by Certified Economic Development Organizations that service the county in which the business is, or will be, located.
Additionally, over the last month PIDA approved more than $2 million in low-interest loans for four projects in Bedford, Luzerne, and Northampton counties that will generate more than $3.4 million in private investments.
In 2016, PIDA has approved $30.5 million in low-interest loans that have resulted in $60.4 million in private investment and supported 1,217 created and retained jobs.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
Qualified applicants are eligible to select either a reset rate of 2.25 percent for the first seven years or a fixed rate of 3.00 percent for real estate financing, 3.00 percent fixed rate for equipment loans, 3.00 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2.00 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through September 30, 2016.
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