First Industries Agriculture Loans
The loan eligibility requirements for this program are outlined as follows:
Type of Business
Eligible businesses include for-profit businesses (individual proprietorships, partnerships or corporations) that have no more than 100 employees and are involved in the management and use of a normal agricultural operation for the production of a farm commodity.
Maximum Loan Amount. The maximum loan amount for land, building and machinery is $200,000 or 50% of the total project cost (whichever is less). The maximum loan amount for working capital is $100,000 or 50% of the project cost (whichever is less).
Use of Loan Proceeds. Loan proceeds may be applied to real estate, machinery and equipment or working capital.
Interest Rate.The interest rate on this loan program will not exceed 4%. If the Governor declares the area where the agricultural producer is located a natural disaster, the interest rate will not be less than 2.0%.
Repayment Schedule-Repayment duration for real estate is 15 years, machinery and equipment is 7 years and working capital is 3 years.
Loan Program Requirements.
Job Creation - One full time job must be created or preserved within three years from completion of the project for each $25,000 in SBF loan proceeds. Eligible businesses must have 100 or less employees. Other pre-qualifying employment criteria may apply.
Location - The project must be located within the seven Pennsylvania counties of Carbon, Lackawanna, Luzerne, Monroe, Pike, Schuylkill and Wayne.
Bank Financing - The project financing plan must include bank funds.