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5240 Knowledge Parkway, Erie, PA 16510-4658
Phone: (814) 899-6022, Fax: (814) 899-0250, Website: www.connectforsuccess.org
(MELF) Machine & Equipment Loan Fund
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Machinery and Equipment Loan Fund (MELF): Low-interest loan financing to acquire and install new or used machinery and equipment, or to upgrade existing machinery and equipment.
Loans can be made for machinery and equipment acquisition and upgrading, and related engineering and installation costs directly related to the operations or processes. Businesses in the manufacturing, industrial, agricultural processing or mining industries are eligible to borrow up to $500,000 or 50% of the total eligible project costs, whichever is less. Interest rates may be as low as 3.75% for up to a 7-year term, depending upon the useful life of the machinery being financed. A 10% equity investment by the company is required. Additionally, one job must be created for every $25,000 loaned.
Contact
R. Larry Bossolt, Vice President
Economic Development Corporation of Erie County
5240 Knowledge Parkway, Erie, PA 16510-4658
Telephone: (814) 899-6022
FAX: (814) 899-0250
E-mail: lbossolt@edcec.org
Contact
5240 Knowledge Parkway
Erie, PA 16510-4658
Erie, PA 16510-4658
Ph: (814) 899-6022
Fax: (814) 899-0250
Email: KSmith@edcec.org