5240 Knowledge Parkway, Erie, PA 16510-4658

Phone: (814) 899-6022, Fax: (814) 899-0250, Website: www.connectforsuccess.org

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(PIDA) Pennsylvania Industrial Development Authority

« Back to Financing and Incentives

Pennsylvania Industrial Development Authority (PIDA): Low-interest bond financing for land and building acquisition, construction and renovation, resulting in the creation or retention of jobs. Offered locally through the Greater Erie Industrial Development Corporation, the program can be used to finance industrial development projects for manufacturing, industrial, and research & development enterprises. By providing financing for these projects, PIDA’s mission is to strengthen Pennsylvania’s economy and create jobs in the wealth-generating private sector.

PIDA funding fills the financing gap between bank financing and your organization’s equity. PIDA can finance up to 50% of the total project cost with a maximum of $1,750,000 set depending upon the location of your project. Offers special low-interest rates for those firms located in a designated Enterprise Zone, Keystone Opportunity Zone, Brownfield Sites and Financially Distressed Municipalities under PA Act 47. Advanced technology companies also receive a lower interest rate.

As of July 1, 2003, PIDA loan participation and interest rates for firms in Erie County are:

  • Small Businesses (Less than 50 Employees) 50%
  • Large Businesses 40%
  • Interest Rate (Fixed) 2.75%
  • Loan Ceiling up to $1,250,000
  • Participation and interest rates are subject to change by PIDA.

PIDA normally matches the bank’s term, up to 15 years. For strong credit companies, PIDA subordinates its loan to the new lending of the bank. At least 10% of each project must be owner’s cash equity or other funds subordinate to PIDA. Loans are guaranteed to PIDA by the sponsoring non-profit industrial development corporation. For Erie County, this is either EIDCO Inc. or Greater Erie Industrial Development Corp. For more information, contact:

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

Ph: (814) 899-6022
Fax: (814) 899-0250
Email: KSmith@edcec.org