Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) is partnering with the Pennsylvania Industrial Development Authority (PIDA) to market an expanded offering of PIDA’s programs of low-interest loans and lines of credit for businesses. By offering a wider range of PIDA assistance, a larger number of Pennsylvania businesses can commit to creating and retaining full-time jobs within the commonwealth.
RIDC has primarily utilized PIDA real estate loans in the past to finance the development of industrial parks and multi-tenant facilities and has been responsible for financing more than 300 projects totaling more than $295 million through the assistance of PIDA. Prior to the PIDA consolidation which occurred in November 2014, PIDA loans were only available for the purchase or improvement of real estate assets. By utilizing the full range of PIDA’s current loan offerings, RIDC can now assist a variety of other companies outside of the traditional scope of manufacturing and industrial enterprises, and it can also finance costs associated with the acquisition of machinery and equipment, as well as working capital costs.
Through this initiative, RIDC will begin focusing on offering PIDA loans to companies throughout the region that meet the program’s criteria, whether or not they are located in an RIDC property.
Donald F. Smith, Jr., RIDC’s CEO, said: “RIDC plays a unique role in this region, developing properties that become economic drivers for their communities and supporting the growth of companies that populate those properties and create jobs. Our partnership with these companies and understanding of their needs is what attracts so many fast-growing businesses, in fields ranging from robotics to life sciences to manufacturing, to RIDC sites.
“Being able to serve as a conduit for PIDA loans, not only to our tenants, but to companies throughout the region that are contributing to our economy, creating jobs and growing our tax base will now enable us to play an even greater economic development role with a far greater number of businesses.”
Through PIDA, Pennsylvania-based businesses across a variety of industries are eligible to apply for loans or lines of credit that can be used for land and building acquisition, construction and renovation costs, machinery and equipment purchases, working capital and accounts receivable lines of credit and working capital term loans.
“One of the best ways we can encourage businesses to expand and create jobs is by providing access to capital for a variety of uses beyond real estate, such as the purchase of equipment and machinery that businesses need to increase production,” Department of Community & Economic Development Secretary Dennis M. Davin said. “By taking advantage of PIDA’s full range of loans, RIDC is maximizing its ability to help regional businesses grow and thrive.”
Interest rates and terms vary and loan amounts depend on the type of projects. For information on eligibility and to apply, contact Ciara Macioce, RIDC’s Community Development Director, at cmacioce@ridc.org.