HARRISBURG, Pa. — CREDC is pleased to announce updated interest rates for two loan programs, the Pennsylvania Catalyst Loan Fund (SSBCI) and the Pennsylvania Industrial Development Authority (PIDA) loan program. These revised terms are designed to effectively support businesses in the region.
The Pennsylvania Catalyst Loan Fund (SSBCI) will offer a new interest rate of 5.00% for loans approved between Nov. 1, 2024, and April 30, 2025. This rate is set below current bank rates to sustain the fund while generating resources for future lending opportunities.
For PIDA loans, the following 2024 fourth-quarter rates apply through Dec. 31, 2024:
- Real Estate Loans (Traditional):
- Full-term fixed rate (up to 15 years): 4.75%
- Seven-year fixed initial rate: 3.75%, with a rate reset capped at ±200 basis points for the remainder of the loan
- 10-Year Term Loans with 20-Year Amortization:
- Full-term fixed rate: 4.75%
- Five-year fixed initial rate: 3.75%, with a similar capped rate reset
- PIDA-MELF Equipment Loans:
- Fixed at 4.75% for the entire loan term
- Export Finance Loans (Working Capital):
- 4.75% fixed for a 12-month period
- Pollution Prevention and Energy Efficiency Loans:
- 2.00% fixed for the full loan term
These rate adjustments aim to provide competitive, accessible financing solutions for a variety of business needs, from property acquisition to sustainable energy initiatives.
For more information, please contact CREDC to explore how these loan programs can support your business growth.
