Frequently Asked Questions
FAQs
- Where do I begin?
- Do I qualify for a loan?
- What are the current interest rates?
- What documents should I have available when applying for a loan?
- Are there fees involved?
- How long does it take to receive the money?
Contact John Biemiller or Lyle Hosler at EDC Finance Corporation office (717-397-4046) to discuss your project. From the beginning, they can help determine which programs are suitable for your project, and they will work with you throughout the entire process from application to closing.
Each program has its own set of guidelines and requirements that should be reviewed as thoroughly as possible for each specific project. These requirements can change. For updated and detailed loan program information to assist your business or agriculture projects in Lancaster County, contact EDC Finance Corporation.
What are the current interest rates?
Current interest rates for the most common programs are posted on the home page of EDC Finance Corporation www.edcfinancecorp.com. For the most updated rate information for all programs call John Biemiller or Lyle Hosler at the EDC Finance Corporation offices at 717-397-4046.
What documents should I have available when applying for a loan?
From the very beginning it is best to check with EDC Finance Corporation about your project. Although each program is different and project-specific, there are generally 4 categories of information required throughout the loan application/approval process:
- Financial information
- Project information
- Application requirements
- Pre-settlement requirements
EDC Finance Corporation is a private non-profit organization established to administer federal, state and local funding programs for promoting business growth throughout Lancaster County, PA. EDC Finance does not receive any interest paid on program loans. However,
- Commitment fees charged help to cover EDC Finance Corporation's administration of the loan throughout its entire term.
- Legal fees are charged for EDC Finance Corporation's attorney, who must prepare and review all loan documents.
- Program loans generally require title insurance for the amount of the loan in instances where real estate is taken as collateral.
Under the First Industries Fund-Small Business First (FIF-SBF) and First Industries Fund-Machinery & Equipment Loan Fund (FIF-MELF) programs, all fees can be wrapped into the loan amount and borrowed as project costs.
Under the SBA 504 program, all fees must be wrapped into the loan amount and borrowed as project costs.
How long does it take to receive the money?
Times vary from program to program. The better prepared you are and the more documentation you have available, the easier and quicker the process will be.
