Low-interest Deadline Approaches for PIDA & MELF Loans

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CLEARFIELD – The Clearfield County Economic Development Corp. (CCEDC) has announced that it’s not too late to take advantage of the low-interest promotional opportunities with two major industrial development long-term financing programs that offer assistance for commercial and industrial businesses in Clearfield County.

Rob Swales, CCEDC chief executive officer, announced special promotions occurring with two long-term financing programs at the Pennsylvania Department of Community and Economic Development (DCED) through the Pennsylvania Industrial Development Authority (PIDA) loan program and the Machinery and Equipment Loan Fund (MELF).

The DCED has lowered interest rates along with the elimination of the administrative fees for approved applications for a limited time. “Many local manufacturers in Clearfield County have used the opportunity to expand their production capabilities utilizing these programs over recent years,” Swales said.

According to him, the PIDA program is utilized for construction, expansion of land, and or acquisition of buildings.  A PIDA loan, he said, may provide up to 50 percent or up to $2 million dollars of eligible project costs.  The loan is at a rate of 2.25 percent for a term of 15 years.

The MELF program provides assistance for equipment purchase and installation.  The MELF program provides up to 50 percent, or up to $5 million dollars of total project costs.  The loan is at a rate of 1.75 percent for seven to 10 years, said Swales.

He said that both PIDA and the MELF loans are waiving their 1 percent commitment fee.  To be eligible for the lower interest rate, he said a company must submit a complete application package by July 1.

“If your company is engaging in an improvement project, land acquisition, land development, building improvement, equipment purchase, or expansion in the immediate future, please contact the CCEDC,” Swales said.

“Our staff will review the plans you have and answer questions pertaining to the PIDA or MELF programs. Time is of the essence to assure a complete package for submittal to take advantage of the extremely low rates.”

Please contact Swales or Paul McCloskey at 814- 768-7838 to define the specifics of the programs and to assist in the finalization of a funding application.

The CCEDC is a private non-profit, membership organization serving the business and industry of Clearfield County to promote job creation, job retention and to diversify and enhance the economic base of Clearfield County.

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