ARC Loan Program
Type of Business
Eligible businesses include for-profit businesses (individual proprietorships, partnerships or corporations). Emphasis is placed on manufacturing and industrial businesses.
Maximum Loan Amount -$200,000 or 50% of a project whichever is less. Working capital loans are limited to $100,000.
Use of Loan Proceeds -Land and building acquisition -Building construction or renovation -Machinery and equipment -Working capital
LOAN PROGRAM FEATURES
Interest Rate The interest rate on this loan program is below the market rate. The current interest rate is fixed at 4% for the term of the loan.
Repayment Schedule -Real estate up to 15 years -Machinery and equipment up to 7 years -Working capital up to 3 years
LOAN PROGRAM REQUIREMENTS
Job Requirements One permanent job must be created or retained per $25,000 NEPA dollars loaned within 3 years
from the loan closing date.
Location The project must be located within the seven Northeastern Pennsylvania counties of Carbon,
Lackawanna, Luzerne, Monroe, Pike, Schuylkill and Wayne.