Business Financing Program
PA Economic Development Financing Bond Program (PEDFA)
Where to ApplyEDC Finance Corporation is the Industrial Development Corporation for the PEDFA program in Lancaster County, Pennsylvania.
John Biemiller, vice president |
Call 717-397-4046 for additional information or with questions:PEDFA Program Summary
Tax-exempt and taxable bond financing (in both pooled and stand-alone transactions)- of no less than $400,000 and no more than $10 million for manufacturers
- with no upper limit for other projects (up to 100% of project costs)
- administered through EDC Finance Corporation, Lancaster County's Industrial Development Corporation (IDC)
Eligibility
Tax-exempt bonds- Manufacturing
- Nonprofit 501(c)(3) entities
- Assisted living / multi-family housing
- Energy related organizations
- Solid waste disposal
- Transportation facilities
- Wastewater treatment
- Other exempt facilities
- All businesses qualified to operate in Pennsylvania
Uses and Purposes of Funding
- Land and building acquisition
- Building construction
- Designated infrastructure
- Machinery and equipment purchases (new only)
- Bond refunding
- Working capital
- Refinance existing debt
Amounts
- Minimum loan amount of $400,000
- No maximum loan amount except for manufacturers ($10 million)
- 100% financing is permitted
- Loan increments of $25,000 for <$1 million borrowed or loan increments of $100,000 for > $1 million borrowed
Terms
- Up to a 30-year term
- Bank letter of credit required
- $50,000 loan per job created or retained for manufacturers
- Must create or retain at least 10 full-time employees for all other projects
- Estimated at 46% of prime average interest
- Weekly variable interest rate generally tracks to Bond Market Association Index
- Estimated at 61% of prime average interest
- Weekly variable interest rate generally tracks to one-month LIBOR
Fees
- 2.0%-2.75% debenture funding and closing fee
Guidelines
PA Economic Development Financing Authority Bond Program (PEDFA) Guidelines 
