E-Newsletter
EDC Finance Corporation

EDC Finance Corporation Monthly E-newsletter

Our monthly e-newsletter profiles a service or program that EDC and EDC Finance provide to the business and agriculture communities. Subscribe by emailing Jean Rehrig or calling 717.397.4046.

June 2009

Changes for SBF and FIF Programs
Small Business First (SBF) and First Industries Fund (FIF) Rates Increase

EDC Finance Corporation has been notified by the PA Department of Community and Economic Development that changes have been implemented for two of its popular small business lending programs. As a result of the First Industries Fund agriculture program being heavily utilized in recent months, the changes were implemented to make sure funding reaches more projects in the Commonwealth. A close connection between the First Industries Fund program and Small Business First program require the interest rate changes to be implemented across both programs, including industrial and manufacturing loans.

First Industries Fund Program Changes

First Industries Fund fixed annual interest rate will be 5.00%.

Projects involving a farmer or business whose land is enrolled in a farmland preservation program or an Agricultural Security Area or projects involving urban or rural supermarkets will no longer be eligible to receive a 1% interest rate reduction.

Maximum loan amount for Machinery & Equipment Loan Fund (MELF)/First Industries Fund loans will be capped at $500,000.

An applicant will no longer be able to submit both a MELF First Industries loan application and an SBF First Industries loan application as part of the same project.

Funding is still available for all programs. The changes were implemented to slow down demand for the FIF program to try to prevent it from being over-subscribed. Please remember to visit the EDC Finance Corporation website at www.edcfinancecorp.com for the latest information on these and other financing program available for Lancaster County projects. Call 717-397-4046 for details.