CCIDA Lowers Interest Rate
CLEARFIELD – Clearfield County has seen many efforts to rejuvenate its business and industry sectors over the past several years. The Clearfield County Industrial Development Authority (CCIDA) continues to provide low interest financing options to Clearfield County businesses in order to continue with positive growth.
Through its Revolving Loan Fund Program, CCIDA has an initiative to address financing gaps for businesses working toward start-up or expansion efforts. In order to further aid those seeking financing options, the CCIDA would like to announce a reduction in its fixed interest rate. Reflecting recent changes in market interest rates, the CCIDA will be offering financing at a rate of 3.5 percent.
Eligible projects will include industrial and commercial development activities encompassing; acquisition of real estate, new construction, rehabilitation, purchase of machinery and equipment, and working capital. All requests must be formatted into a formal loan application, which will be evaluated by the loan review committee. Loan requests may not exceed 50 percent of the total project cost, or $100,000; whichever is less. Any form of public or private financing may be used in conjunction with proceeds from the Revolving Loan Fund Program.
The CCIDA began the Revolving Loan Fund Program in 2003, since that time twenty-nine loans have been generated, dispersing more than $2,789,000 into Clearfield County. A full set of CCIDA Lending guidelines can be obtained by contacting Jamie Straub, at 814-768-7838.