Program

Allentown Commercial and Industrial Development Authority (ACIDA)

Minimum/Maximum Amounts

Minimums:$100,000 for tax exempt mortgages/notes;$2 million for bond issues. Maximum: $10 million or less depending upon borrowing entity.

Eligible Activities

Land & building acquisition /renovation, machinery
& equipment acquisition, refinancing (of tax exempt
debt only), closing costs (no more than 2% of
issuance)

Term & Amortization

Negotiated but cannot exceed 120% of the
depreciable life of asset being financed

Rate

70%-80% of the going prime rate for tax exempt mortgages/notes; tax exempt bond rates fluctuate with the lower floater market

Fees

Loan Processing Considerations

Projects must receive approval's from the Secretary of the PA Department of Community and Economic Development prior to closing.

Special Notes

Job Creation/Retention Requirements

Created or retain within 3 years of the financing at least one job for every $50,000 borrowed

Where to Apply

Allentown Economic Development Corporation
718 Hamilton Street
Allentown, PA 18101

Contact Person

Rob Osborn
Phone: 610-435-8890
Fax: 610-435-6166
Email: rosborn@allentownedc.com

Web link

www.allentownedc.com

Application Download Available

No