5 Pa. state business loan programs lower costs
HARRISBURG, Pa. (AP) — Gov. Tom Corbett's administration says applicants to five Pennsylvania state business loan programs can temporarily bypass an up-front fee and get a lower interest rate.
The state Department of Community and Economic Development said Tuesday that interest rates will be 1.5 percent and a 1 percent administrative fee will be dropped for applicants through March 31.
Rates were 2.75 percent previously.
Department spokesman Steve Kratz says the administration hopes to spark economic growth and more private-sector investment. He says the reductions could be extended if the revolving loan funds can keep operating at that cost structure.
The loans are available through the Machinery and Equipment Loan Fund, the Small Business First Program, the Pollution Prevention Assistance Program, the Export Financing Program and the Pennsylvania Industrial Development Authority.