Financing Business Growth

The Capital Region Economic Development Corporation (CREDC) is your gateway to beneficial loan programs designed to support your growing company. As the Certified Economic Development Organization for Cumberland, Dauphin & Perry Counties, CREDC has achieved the Commonwealth’s recognition as a superior and experienced lending organization, approved as your access point to Commonwealth programs. By partnering with a highly regarded Certified Development Corporation, CREDC also facilitates your access to the U.S. Small Business Administration’s 504 Direct Loan Program. CREDC’s staff will work directly loan applicants to guide them through the application process, while working hand-in-hand with the applicant’s financial institution to ensure a successful project. 

BENEFITS FOR BUSINESSES​

Increase financial growth for your business through programs that help you…

▪ Save money by taking advantage of lower interest rates

▪ Keep more cash in-hand through reduced equity requirements

▪ Gain financial stability through longer fixed interest rate periods

▪ Increase your ‘bankability’ by spreading the risk between your financial institution and a CREDC loan

Benefits for financial institutions

Create value for your customers and create a stronger borrower for you that…

  • ▪ Saves money using lower than market interest rates on part of the financing

  • ▪ Retains liquidity and cushion by putting less cash in each deal

  • ▪ Finds stability in fixed interest rates up to 25 years

  • ▪ Provides you with less exposure and better loan to value ratios

Eligible Businesses

Below is just a sampling of the eligible businesses that can take advantage of low-interest rate financing programs. Contact CREDC to discuss your business.

Agricultural Processors & Producers
Healthcare
Construction Enterprising
Industrial Enterprises
Manufacturers
Daycares

R&D Enterprises
Certain Lodging Facilities
Certain Restaurants
Warehouse and Distribution
Computer Related Services

Finance Programs

PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs.

  • ▪ Up to 50% of eligible project costs

  • ▪ 2.75-3.75% fixed interest rates (5 – 15 years)

  • ▪ Up to 100% financing in conjunction with a willing financial institution and satisfactory credit criteria

  • ▪ Eligible costs include real estate acquisitions, construction and renovation, machinery and equipment, also including many related application, underwriting, and closing costs

More about the Pennsylvania Industrial Development Authority program

The SBA 504 Loan program is a powerful economic development loan program that offers small businesses another avenue for business financing, while promoting business growth, and job creation. 

  • ▪ Up to 40% of eligible costs

  • ▪ Fixed interest rates for 25 years

  • ▪ Up to 90% financing in conjunction with a willing financial institution

  • ▪ Eligible costs include real estate, fixed assets and refinancing, including many related application, underwriting, and closing costs

More about the SBA 504 program

CREDC maintains an Enterprise Zone revolving loan fund that resulted from administration of the former Harrisburg Technology Corridor Enterprise Zone.

  • ▪ Up to 50% of eligible project costs

  • ▪ Fixed interest rates up to 15 years trending at or near PIDA rates

  • ▪ Eligible costs include real estate acquisitions, construction and renovation, machinery and equipment, and many related application, underwriting and closing costs

  • ▪ Lending is dependent upon the availability of funds in the revolving loan fund

  • ▪ Contact CREDC for more information

Banking Partners

CREDC is happy to partner with any commercial bank to create an advantageous financing structure for their borrowers. Below are some of the banks that we have worked with in the past two years.

Link Bank

Chase Bank

Members 1st Federal Credit Union

Juniata Valley Bank

Orrstown Bank

Susquehanna Community Bank

Don’t see your bank? We’d love to work with you. Contact us today to partner on your next deal.

Stay informed about low-rate loan offerings and other economic development opportunities. Join our mailing list to stay up-to-date on CREDC projects, special rates and more. 

EXAMPLES OF ECONOMIC DEVELOPMENT LENDING SUCCESSES

HARRISBURG REGIONAL CHAMBER & CREDC SECURES $1.9M SBA LOAN FOR MANUFACTURING COMPANY

The Harrisburg Regional Chamber & CREDC has assisted Plouse Precision Manufacturing to refinance and restructure debt into advantageous terms using …
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More storage space to build more storage space

Solution Designers, LLC, a California Closets franchise based in Mechanicsburg, PA, will soon move to a bigger home and manufacturing …
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CREDC Blog: Providing Options to your Customer

Small businesses owners are more knowledgeable when it comes to financing for their business and are more aggressive in seeking …
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Find out how we can help you finance your business.

Interested in our business financing services? Send us a message at credc@hbgrc.org or fill out the form below and we’ll help you get started with your business venture.