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The best place to obtain your business financing is LVEDC

By LVEDC Staff on November 7, 2012

The right time to finance your business expansion is right now.

The best place to obtain your business financing is LVEDC.

Working in coordination with Lehigh’s Economic Advancement Project (LEAP) and the Pennsylvania Industrial Development Authority (PIDA), we just received approval for a loan to assist Michelman Steel Enterprises, LLC, a structural steel fabricating company, to acquire and renovate a building in Upper Macungie Township.  We will be providing financing of $930,000 through the State’s PIDA program towards a $1,550,000 total project cost.  The interest rate for the loan is 2.25% fixed for 15 years. 

Contact John Kingsley at 610-266-0887, [email protected] or Judy Yanega at 610-266-6622, [email protected] to learn how your company can benefit from LVEDC’s financing programs.    

LVEDC’s Low Interest Loan Programs

The Pennsylvania Industrial Development Authority Program (PIDA) – 2.25% for up to 15 years.

Pennsylvania recently reset prevailing interest rates to the second lowest points in history.  The PIDA program which finances real estate acquisition, construction and renovation for manufacturers and industrial companies (the program can also be used for warehouse and distribution and large office real estate projects) is now priced at 2.25% for 15 years and can finance up to 60% of a total project cost to a maximum loan amount of $2,000,000 or more in selected areas.

The Small Business Administration’s 504 Program (SBA 504) – 3.5%/4.3% for up to 10yrs/20yrs.

The SBA 504 program can finance up to 40% of your fixed-asset project costs up to $5,000,000. Our FIXED RATE FOR ENTIRE TERM OF LOAN is 3.5% for 10 years and 4.3% for 20 years.

The Small Business First Program (SBF) – 2.75% for up to 15 years.

Our premier State-based small business financing program, the Small Business First (SBF) program, set their rate through December to 2.75%.  This program can finance up to 50% of a total project cost to a maximum of $200,000 for a variety of business types for real estate, machinery and equipment and working capital related projects.  Terms on the SBF program can be up to 15 years.

Tax Exempt Financing

The tax exempt financing, available to manufacturers through a local Industrial Development Authority, can lower conventional bank financing rates to below 3.00%.

 John Kingsley: 610-266-0887, [email protected]      Judy Yanega: 610-266-6622, [email protected]

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