Areas Served: Lancaster County
First Industries Fund of the Small Business First (FIF-SBF) Program – Loan program aimed at strengthening PA’s agriculture and tourism industries – Administered through EDC Finance Corporation, Lancaster County’s Area Loan Organization for the FIF program Eligibility For-profit enterprises (100 employees or fewer) in the – Agriculture and Tourism industries including – Agriculture production – Food processing – Urban/rural supermarkets – Agri waste and fertilizer management – Farmers’ market – Hotels/motels/inns – Tourism services – Other hospitality establishments Uses & Purposes of Funding – Land and building acquisition and construction – Machinery and equipment purchase and upgrades – Working capital Amounts – Loans up to $200,000 or 50% of total eligible project costs (whichever is less) – Working capital loan maximum is $100,000 or 50% of total eligible project costs (whichever is less) Terms – Interest rate: 10-year U.S. Treasury rate plus 100 basis points – 15-year term for real estate – 10-year term for machinery and equipment – 3-year term for working capital (all rates fixed for entire loan term) Fees – 2.0% commitment fee – $2,000-$2,500 attorney fee – $150-$300 recording fees – Title insurance (real estate projects only)
Contact InformationEDC Finance Corporation
Address: 100 South Queen Street
City: Lancaster
State: Pennsylvania
Website:
http://www.edcfinancecorp.com/Financing-Programs/Summary/First-Industries.php
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