RIDC partners with PIDA to expand low-interest loan program
Pittsburgh, PA — Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) is partnering with the Pennsylvania Industrial Development Authority (PIDA) to market an expanded offering of PIDA’s programs of low-interest loans and lines of credit for businesses. By offering a wider range of PIDA assistance, a larger number of Pennsylvania businesses can commit to creating and retaining full-time jobs within the commonwealth. RIDC has primarily utilized PIDA real estate loans in the past to finance the development of industrial parks and multi-tenant facilities and has been responsible for financing more than 300 projects totaling more than $295 million through the assistance of PIDA. Prior to the PIDA consolidation which occurred in November 2014, PIDA loans were only available for the purchase or improvement of real estate assets. By utilizing the full range of PIDA’s current loan offerings, RIDC can now assist a variety of other companies outside of the traditional scope of manufacturing and industrial enterprises, and it can also finance costs associated with the acquisition of machinery and equipment, as well as working capital costs.