November 12, 2009

First Industries Fund Open for Business, Lancaster County Ag Financing Source Is Recapitalized

EDC Finance Corporation was notified today by the PA Department of Community and Economic Development that the First Industries Fund loan program for agriculture projects has been recapitalized and is now available to accept funding requests.

First Industries Fund Program Changes

  •  First Industries Fund fixed annual interest rate will be 5.00%.
  •  Projects involving a farmer or business whose land is enrolled in a farmland preservation program or an Agricultural Security Area or projects involving urban or rural supermarkets will no longer be eligible to receive a 1% interest rate reduction.
  •  Maximum loan amount for Machinery & Equipment Loan Fund (MELF) – First Industries Fund loans will be $500,000.

 First Industries Fund Eligible Uses

  • Farmland acquisition
  • Related party farm purchases
  • Barn and building construction
  • Machinery & equipment purchases
  • Food Processing
  • Urban and rural supermarkets
  • Farmers’ markets
  • Agri waste & fertilizer management

Loans of up to $200,000 are available for real estate projects with a maximum term of 15 years.  Loans for machinery & equipment are capped at $500,000 with a maximum term of 10 years (7 years for dairy cows).

Give EDC Finance Corporation a call for more information on First Industries Agriculture and remember to visit the EDC Finance Corporation website at www.edcfinancecorp.com for the latest information on all financing programs available for Lancaster County projects.