Taxable Financing

	Eligibility: Available to any company qualified to do business in Pennsylvania.
	Use of Proceeds: land and building acquisition or renovation, machinery and equipment acquisition (new or used), refinancing, working capital, closing costs, etc.
	Maximum Loan Amount: None.
	Minimum Loan Amount: $400,000 (through PEDFA), $2,000,000 (appx.) through NCIDA to be cost effective.
	Term: Negotiated between borrower and lender.
	Interest Rate: Below prime (fluctuates with lower floater market).
	Job Creation/Retention: Create or retain within three years of the financing at least 10 full-time permanent.
	Projects must receive approval from the Secretary of the PA Department of Community and Economic Development prior to closing on the taxable financing. However, projects may commence activity upon the approval of the local Industrial Development Authority unless other wise instructed by bond counsel.
	Relocation: Relocation of a company from one labor market area of the Commonwealth to another is prohibited, unless a waiver is obtained from the Secretary of PA DCED.
	Taxes: The borrower and affiliates along with their principal owners must be current in payment of all applicable state and local taxes and other obligations.
	Religious Affiliations: IDAs are prohibited from financing religious facilities. If the borrower has a religious affiliation, they must verify in writing that the proceeds of the financing will not be used to fund religious activities/facilities. If you have any questions concerning this program, please do not hesitate to contact: Department of Community and Economic Development Northampton County Courthouse 669 Washington Street Easton, PA 18042 Phone: 610/559-3200 Fax: 610/559-3775