Financing

RIDC partners with state and local loan programs to offer low-interest loans and lines of credit for businesses in the region.

RIDC has 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.

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 land and building acquisition, construction and renovation costs, machinery and equipment purchases, working capital and accounts receivable.

These loans are available to companies throughout the region that meet the program’s criteria, whether or not they are located in an RIDC property.

The Pennsylvania Industrial Development Authority (PIDA) provides low-interest loans and lines of credit for eligible businesses that are committed to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of Certified Economic Development Organizations (CEDOs) that partner with PIDA to administer the program.

Funding

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.

Uses:

  • 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

Eligibility

A variety of different industry sectors are eligible for PIDA financing, including:

  • Manufacturing
  • Industrial
  • Research & Development
  • Service Enterprise
  • Developer
  • Energy
  • Agriculture
  • Defense Conversion
  • Construction
  • Child Daycare
  • Hospitality
  • Recycling
  • Computer-related Service

Eligible Cost

  • 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.

Terms

  • 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.

For information on eligibility and to apply, contact Ciara Macioce, cmacioce@ridc.org.

Complete an Intake Form HERE

Example Projects

Carnegie Robotics
TruFood Manufacturing