Why Choose a PIDA Loan for Your Business?
There are so many different ways to use a loan from the PA Industrial Development Authority or PIDA. PIDA is not a substitute for conventional bank lending but works in conjunction with banks or other lenders to provide as much as 50% of the project cost to a maximum of $2,000,000.
PIDA’s below market interest rate is a major benefit for cash flow savings. Likewise, often PIDA can be valuable in structuring a project with subordinated lien positions and relaxed loan-to-value requirements. In general, any business is eligible as long as it falls under the categories listed above and has less than 100 employees.
Companies must work through a certified economic development organization such as the Chester County Economic Development Council (CCEDC) to utilize the PIDA program. To learn more, contact Mike Grigalonis to start your conversation today! Get monthly updates on PIDA rates, SBA504 rates and more by signing up for CCEDC’s Finance Finder!