Areas Served: City of New Castle
The New Castle, Pennsylvania Enterprise Zone (NCEZ) provides low-interest financing for land and building acquisition and construction and machinery and equipment purchases to businesses unable to fully finance these projects with equity, bank financing, or other private and public sources for projects located in the boundaries of the New Castle Enterprise Zone.
Eligible Applicants Any industrial enterprises, manufacturing enterprises, research and development, export and computer related services business.
Eligible Uses of Funds Land and building acquisition and construction, machinery and equipment purchases and upgrades.
Limitations At least one full-time job must be created or preserved within three years from the completion of the project for each $35,000 borrowed.
Loans up to $500,000 or 30% of the eligible project cost, whichever is less.
Conditions The appropriate local Loan Review Committee must approve all loan applications.
Rates and Terms Interest rate shall be set at 3%.
Up to a seven-year term for machinery and equipment and up to a fifteen-year term for land and building.
Collateral Loans must be secured at the highest lien position available on one or more assets and personal guarantees of principals are required
Contact InformationCity of New Castle Enterprise Zone
Address: 100 East Reynolds Street
City: New Castle
State: Pennsylvania
Website:
http://www.lawrencecounty.com/Regional-Business-Financing.htm
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