Lackawanna County Industrial
Development Authority Loan Program
The loan eligibility requirements for this program are outlined as follows:
NEPA Micro Loans- Loans up to $25,000.00. With the exception of the Lackawanna County Loan Program the current interest rate is 9.25% and is fixed throughougt the loan term. Various business sectors are eligible. This program is targeted to entrepreneurs, new to market & existing small businesses employing less than 25 individuals.
Type of Business Eligible businesses include for-profit businesses (individual proprietorships, partnerships or corporations). These businesses may include manufacturers, retailers, wholesalers and service related companies.
Maximum Loan Amount.The maximum amount of funds from this program is $20,000 or 50% of a project (whichever is less).
Use of Loan Proceeds Loan proceeds may be applied to land and building acquisition, machinery and equipment and working capital.
Interest Rate.The interest rate on this loan program is below the market rate. The current interest rate is a fixed rate of 4% over the life of the loan.
Repayment Schedule-The repayment duration for real estate is up to 5 years, machinery/equipment is up to 5 years, and working capital is up to 3 years.
Loan Program Requirements.
Location - The project must be located within Lackawanna County