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Financial tools to help you build
WEDCO facilitates a number of state and federal programs that give relocating businesses incentives to choose Wayne County, and our local companies instruments for growth. The type of business you have, the purpose for your loan, and the number of jobs created all factor into your eligibility. WEDCO will assist with the application process, and work with appropriate agencies and economic development professionals, to construct the best plan for your success.
The loan information below is provided by the PA Department of Community and Economic Development (DCED). Contact WEDCO to learn how and where to apply, or visit DCEDs website for specific program guidelines.
For a summary of our most commonly used financing programs, download WEDCOs Financial Guide.
Pennsylvania Industrial Development Authority (PIDA)
Low-interest loan financing through Industrial Development Corporations for land and building acquisition, construction and renovation, resulting in the creation or retention of jobs.
Small Business First (SBF)
Funding for small businesses, including: low-interest loan financing for land and building acquisition and construction; machinery and equipment purchases and working capital.
Machinery and Equipment Loan Fund (MELF)
Low-interest loan financing to acquire and install new or used machinery and equipment or to upgrade existing machinery and equipment.
First Industries Fund - Agriculture
Low-interest loan financing for land and building acquisition and construction; machinery and equipment purchases and working capital for eligible businesses within the agriculture industry.
First Industries Fund - Tourism
Low-interest loan financing for land and building acquisition and construction; machinery and equipment purchases and working capital for eligible businesses within the tourism industry.
Export Finance Program
Working Capital and Accounts Receivable financing in amounts of up to $350,000 for beginning or expanding small businesses.
Pennsylvania Infrastructure Investment Authority (PENNVEST)
Low-interest loans for design, engineering and construction of publicly and privately owned drinking water distribution and treatment facilities, storm water conveyance and wastewater treatment and collection systems.
Pennsylvania Minority Business Development Authority (PMBDA)
Low-interest loan financing to businesses owned and operated by ethnic minorities.
Underground Storage Tank Upgrade Loan Program (USTULP)
Low-interest loan financing to business owners of regulated underground storage tanks to meet federal Environmental Protection Agency (EPA) upgrade requirements
Pollution Prevention Assistance Account (PPAA)
Assistance for small businesses that helps implement pollution prevention and energy-efficiency projects, enabling these businesses to adopt or install equipment or processes that reduce pollution or energy use.
PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA)
Eligible Applicant
For Job Creation Loans:
Manufacturing
Industrial
Agri-business (not farms)
Computer or clerical operator centers
Research and development
Firms establishing a national or regional headquarter.
For Job Retention Loans
Firms which currently pay employees no less than the PIDA county wage threshold.
Service, commercial and retail are NOT eligible.
Eligible Uses
Land and building acquisition
Building construction and renovation
Industrial park development
Multi-tenant spec building construction, acquisition and renovation
Amounts
Loans up to $1.25 million (within Keystone Opportunity Zones, $1.75 million)
Currently 30% to 70% of total eligible project costs.
Advanced technology projects qualify for an interest rate of 4.75%
Terms/Conditions
Currently 4.75% in Wayne County (after Oct. 1, 2006)
Up to 15-year term on land and buildings
No less than a second mortgage on financed assets
Disbursement to applicant based upon reimbursable expenses
$25,000 per job created or retained
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SMALL BUSINESS FIRST (SBF)
Eligible Applicant
Small businesses (100 employees or less) which are:
Manufacturing
Industrial
Child Daycare
Agricultural enterprises
Mining enterprises
Export-related, advanced technology and computer-related services
Hotels, motels, lodging facilities, or restaurants
Environmental compliance/pollution prevention
Municipal or commercial recyclers
Defense-related
Eligible Uses
Land and building acquisition and construction
Machinery and equipment purchases and upgrades
Working capital
Environmental compliance/pollution prevention
Amounts
Loans up to $200,000 or 40% of total eligible project costs, whichever is less
Maximum loan amount for working capital is $100,000 or 40% of total eligible project costs, whichever is less
Terms/Conditions
5.0% interest rate; rate for First Industries loans continues to be 3.25%, 2.25% if an agricultural loan is located in an Ag Security Area.
$25,000 cost per job retained or created
Up to 15-year term for land and building
Up to 10-year term for machinery and equipment
Up to 3-year term for working capital
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MACHINERY AND EQUIPMENT LOAN FUND (MELF)
Eligibility
Manufacturing
Industrial
Agricultural processing
Direct mining operations
Eligible Uses
Machinery and equipment acquisition and upgrading
Related engineering and installation costs directly related to the operations or processes
Amounts
Loans up to $500,000 or 50% of the total eligible project costs, whichever is less
Brownfield sites and those in an Act 47 municipality, Keystone Opportunity Zone or Advanced Technology projects qualify for 3% interest rate
Terms
Currently the Interest rate for Wayne Count is 4.75%
Up to 7-year term, depending upon the useful life of the machinery being financed
10% equity required
$25,000 cost per job retained or created
Project must be directly related to the manufacturing process
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FIRST INDUSTRIES FUND - AGRICULTURE
Eligible Applicant
For-profit businesses engaged in production agriculture, agribusiness, or specific agricultural-related activities that meet the general requirements for loans under the Small Business First program or "Machinery and Equipment Loan Fund" (MELF).
See Small Business First and Machinery and Equipment Loan Fund for loan amounts, terms and conditions.
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FIRST INDUSTRIES FUND - TOURISM
Eligible Applicant
For-profit companies that meet the definition of tourism (in general, an activity which promotes or encourages individuals to travel to a location within the Commonwealth for pleasure) and the eligibility requirements of Small Business First (SBF) or the Machinery and Equipment Loan Fund (MELF).
See Small Business First and Machinery and Equipment Loan Fund for loan amounts, terms and conditions.
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EXPORT FINANCE PROGRAM (EFP)
Eligibility
Small businesses (250 employees or less) exporting goods or services internationally
Eligible Uses
Working capital financing
Accounts receivable financing
Revolving lines of credit
Team Pennsylvania Export Network
Amounts
Working Capital Loans: Up to $350,000 or 50% of total eligible project costs, whichever is less
Accounts Receivable Loans: Up to $350,000 or 85% of eligible project costs
Terms
Working Capital Loans:
Up to 12-month term
Interest rate is 3.75% per annum
Accounts Receivable Loans:
Up to 12-month term
Interest rate is 3.75% per annum
Receivables under this program must be insured by the Export-Import Bank of the United States or a private insurance company.
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PENNSYLVANIA INFRASTRUCTURE INVESTMENT AUTHORITY (PENNVEST)
Eligibility
Any owner or operator (public or private) of an existing or proposed drinking water or wastewater system
Any municipal owner of a storm water conveyance system
Eligible Uses
Design, engineering and construction costs associated with publicly and privately owned drinking water distribution, storage and treatment facilities
Storm water conveyance and wastewater collection, conveyance and treatment facilities
Amounts
Funding packages in amounts up to $11 million per project for one municipality
Up to $20 million for projects that include more than one municipality
Up to $2 million for up front (5 year loan) design and engineering
Up to 100% of the eligible project costs
Average project size is $1.5 million
Terms
Interest rates range from 1% to 5%, depending upon the county/area to be served by the project and the resulting residential user rate
Length of repayment is usually 20 years
Disbursement made monthly based upon submitted invoicing and reimbursable expenses
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PENNSYLVANIA MINORITY BUSINESS DEVELOPMENT AUTHORITY (PMBDA)
Eligibility
Businesses owned and operated by ethnic minorities
Eligible Uses
Land and building acquisition
Building construction and renovation
Machinery and equipment acquisition and installation
Working capital
Amounts
Manufacturing, industrial, high-tech, international trade or franchise companies:
Loans up to $500,000 (within Enterprise Zone, $750,000) or 75% of total eligible project costs, whichever is less
Retail or commercial firms:
Loans up to $250,000 (within Enterprise Zone, $350,000) or 75% of total eligible project costs, whichever is less
Terms
50% of prime interest rate, but no less than 4%
Up to 15-year term for land and buildings
Up to 10-year term for machinery and equipment
Up to 3-year term for working capital
25% private-sector match required
May subordinate lien position
Disbursement at closing
$15,000 cost per job created
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UNDERGROUND STORAGE TANK UPGRADE LOAN PROGRAM (USTULP)
Eligibility
Business owners of regulated underground storage tanks to meet Federal Environmental Protection Agency (EPA) upgrade requirements.
Eligible Uses
Tank removal or closure if replacing tanks, including:
Upgrade of existing tanks
Leak detection devices
Cost of new tanks
Piping
Dispensers
Engineering design and permitting costs associated with upgrading
All construction and installation costs directly associated with upgrading
Amounts
$500,000 or 75% of the total eligible cost, whichever is less
Terms
10 years maximum term
The interest rate is fixed for the term of the loan and shall equal the interest rate for a 5- year U.S. Treasury note as determined by the Department
2% loan commitment fee due at loan commitment
10% of the total eligible project cost must be cash equity. The remaining 15% may be bank or vendor financed
All loans will be guaranteed by the principals of the borrower
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POLLUTION PREVENTION ASSISTANCE ACCOUNT (PPAA)
Eligibility
A for-profit business enterprise that has no more than 100 total employees and operates from a stationary source: emits any form of pollution from a fixed point on its property.
Eligibility Uses
Adoption or installation of pollution prevention equipment or processes.
Amounts
Loans up to $100,000 or 75% of total eligible project cost, whichever is less.
Terms
An annual fixed interest rate of 2.0%.
The term of the loan can be up to 10 years or the life of the asset, whichever is less.
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