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December 3rd, 2012

DCED Lowers Interest Rates on State Financing Programs

Alan Walker, the Secretary of the Department of Community & Economic Development announced today that the Commonwealth is lowering the interest rates on certain loan programs from 2.75% to 1.50%.  The affected programs will be: Small Business First (SBF), Machinery and Equipment Loan Fund (MELF), Export Financing Program, the Pollution Prevention Loan Fund (PPAA) and  Pennsylvania Industrial Authority (PIDA) Loans.  By reducing the interest rates and the cost of borrowing on new applications, the Commonwealth as well as CREDC hope to encourage new capital investment as well as enhanced job creation. The 1.5% rate will be in place through March 31, 2013.


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