RIDC is a CEDO which serves the region of Southwestern Pennsylvania.
- Land and building acquisitions
- Construction and renovation costs
- Machinery and equipment purchases
- Working capital and accounts receivable lines of credit
- Multi-tenant facility projects
- Industrial park projects
The PIDA program finances a portion of total eligible project costs. The maximum participation amount is determined by a variety of factors such as the proposed use of the PIDA funds, the business enterprise type applying for financing, the amount of matching financing from sources outside of PIDA, and the number of full-time jobs to be retained or created.
Loan approval is contingent upon meeting the program underwriting and collateral requirements of PIDA and RIDC.
A variety of different industry sectors are eligible for PIDA financing, including:
- Research & Development
- Service Enterprise
- Defense Conversion
- Child Daycare
- Computer-related Service
- Land costs may include site preparation and testing, utilities, site mapping, and other related costs. Land costs must be directly associated with the development of an industrial park or the purchase, renovation, or new construction of a building or a production facility that will be used by an eligible business.
- Building costs may include building acquisition, construction, renovation and engineering, architectural, legal, multi-tenant projects and other related costs.
- Machinery and equipment (M&E) costs may include, acquisition, delivery, and installation costs. Eligible if associated with acquisition of machinery and equipment that the business newly purchases.
- Working capital lines of credit costs may include day-to-day operating expenses of a business.
- Accounts receivable lines of credit costs may include receivables sold on payment terms up to 180 days accounts as well as receivable financing to support export activities.
- Up to 15 years for land and building acquisitions and construction / renovation projects.
- Up to 10 years for machinery and equipment purchases.
- Working capital and accounts receivable lines of credit have a term of 1 year and can be renewed.
Interest rates for the program are based on current market conditions.
How to Apply
Loan applications are packaged by a CEDO that services the county your business is or will be located in. RIDC will work with you to determine whether or not the PIDA loan program can assist with financing the needs of your business and will discuss with you in detail how the application process works.
Projects relating to any of the following activities are not eligible:
- Refinancing any portion of the total project cost except for short-term "bridge" financing.
- Projects that have commenced before receiving approval of the PIDA loan.
- Providing funds, directly or indirectly, for payment whether as loan repayment, dividend distribution, return of capital, loans, or otherwise to owners, partners or shareholders of the business enterprise, except as ordinary compensation for services rendered.
- Finance a project located outside the geographic boundaries of Pennsylvania.
- Relocate a business to another part of Pennsylvania
Tsudis Chocolates (now TruFood Manufacturing)
After leasing a 97,500 sq ft building in the RIDC Industrial Park for ten years and growing from a company of 35 employees to 200, Tsudis Chocolates decided to purchase their building to allow for increased production expansion. In the past three years, the Pittsburgh-based company had entered into the nutritional product market, changed their name to TruFood Manufacturing, and doubled sales and employment.
RIDC supported their expansion by sponsoring a low-interest $1.56 million PIDA loan for their acquisition, expansion, and production. RIDC is proud to have joined with our State partners in supporting TruFood Manufacturing. The company looks to grow further over the next few years and is a true regional success story.
Precision Therapeutics (now Helomics)
RIDC helped Precision Therapeutics finance its high-tech lab in the Chocolate Factory in Lawrenceville. Utilizing a PIDA loan and a Strategic Investment Fund (SIF) loan, RIDC financed over $3 million for their tenant improvement work to create a state-of-the-art lab for their cancer research. Precision is a leading life-science company based in Pittsburgh, offers products developed to help guide physicians and patients with difficult clinical decisions throughout the cancer care continuum.
In 2014 RIDC started building out the former Heppenstall building, which is a 30,000 square-foot former industrial high-bay facility. The building is now a state-of-the-art space for Carnegie Robotics, a spin-out of the nearby Carnegie Robotics National Center (NREC). Much of the build-out, which totaled $3 million, was financed and managed by RIDC. The space features mezzanine office as well as manufacturing space.