Through Greater Reading Chamber Alliance’s affiliate organization, the Greater Berks Development Fund (GBDF), we are able to assist in your financing needs. As the only Certified Economic Development Organization in Berks County, GBDF is able to access funding from the Pennsylvania Department of Community Development and other sources to help your business grow and succeed.
GBDF has been in existence since 1947 and has a long history of providing financial assistance to Berks County companies. In addition to the funding that we directly administer, we also partner with other organizations to provide the most attractive package for your project needs. We have utilized federal, state and local grant and loan programs to structure creative financing packages.
Pennsylvania Industrial Development Authority (PIDA)
PIDA provides low-interest loans for eligible businesses and is directly administered by GBDF. A variety of different industry sectors may access PIDA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child daycare, retail and service, export and computer-related service enterprises.
PIDA financing can be used for land and building acquisition, construction and renovation costs, machinery and equipment purchases and working capital.
Examples of past projects:
Agriculture
Dustin & Amber Fessler
Greater Berks Development Fund assisted with the acquisition of a farm in Bernville, Pa. A PIDA loan of $400,000 was part of a $1,365,000 project which allows the family to expand operations and raise the next generation of family farmers.
Manufacturing/Industrial
The Reitnouer, Inc. expansion project continues to make significant progress as the construction of its 468,000-square-foot manufacturing facility advances in Ontelaunee Township. As North America’s leading manufacturer of aluminum flatbed trailers, Reitnouer is investing in this major site to streamline production, accommodate increasing demand, and create up to 200 new jobs—bringing their total local workforce to over 600 employees.
The Greater Reading Chamber Alliance (GRCA), through its affiliate the Greater Berks Development Fund (GBDF), in partnership with the Berks IDA, provided $2 million in short-term loans, while Fulton Bank is supporting the construction and long-term financing. In addition, GBDF had sold the 66-acre parcel to Reitnouer as part of its efforts to provide industrially-zoned land to Berks County companies with a need to expand.
Construction began in mid-2024 and is expected to be complete by Summer 2025. With coordinated planning and local investment, the facility is on track to further strengthen Berks County’s manufacturing sector. GRCA is proud to support this project and looks forward to celebrating its official opening alongside the Reitnouer team and community.
Interest Rate options
The interest rate options for qualifying PIDA loan applications are listed below. These rates are in effect for loan applications received through September 30, 2025.
For Real estate loans financing eligible land and building costs, borrowers will have the following interest rate options:
For term loans with a regular amortization:
- Fixed interest rate for the full term of the loan (up to a 15-yr. period), set at the current 10-year treasury yield + 100 basis points. Based on the current 10-year treasury yield, the fixed rate option is 5.25% for the life of the loan.
- Fixed interest rate for a seven (7) year period set at the 10-year treasury yield. After seven years, the rate will reset to the then-current 10-year treasury yield. Please note, the reset rate is limited to a 200 basis point increase/decrease. The reset rate is then fixed for the duration of the loan. Based on the current 10-year treasury yield, the rate for the initial (7) year period is 4.25%.
For 10-year term loans with a 20-year amortization period:
- Fixed interest rate for the full term of the loan (10-yr. period). This option is calculated using the 10-year treasury yield +100 basis points. Based on the current 10-year treasury yield, the fixed rate option is 5.25% for the life of the loan.
- Fixed interest rate for a five (5) year period set at the 10-year treasury yield. After five years, the rate will reset to the then-current 10-year treasury yield. Please note, that the reset rate is limited to a 200 basis point increase/decrease. The reset rate is then fixed for the duration of the loan. Based on the current 10-year treasury yield, the rate for the initial (5) year period is 4.25%.
Equipment Loans:
5.25% fixed rate for the full term of the loan.
Working capital and accounts receivable lines of credit:
5.25% fixed rate for 12-month period.
For Pollution prevention and energy efficiency loans:
2.00% fixed rate for the full term of the loan.
For PIDA-SBF account loans
5.00% fixed rate for the full term of the loan. Currently, a reset interest rate will not be available for real estate loans funded under the PIDA-SBF account as statutorily, there is an interest rate ceiling that does not allow the interest rate to exceed 5.00%.
*PIDA-SBF account loans are real estate, equipment, and / or working capital loans to eligible agricultural processors, agricultural producers, industrial enterprises, manufacturing enterprises, research and development enterprises, hospitality enterprises, defense conversion enterprises, recycling enterprises, computer-related service enterprises, construction enterprises, and child day-care enterprises, whereas the loan amount is $400,000 or less and the eligible enterprise has 100 or fewer full-time employees worldwide at the time of application submission for the full term of the loan.
For PIDA-CED account loans
5.00% fixed rate for the full term of the loan. Currently, a reset interest rate will not be available for real estate loans funded under the PIDA-CED account as statutorily, there is an interest rate ceiling that does not allow the interest rate to exceed 5.00%.
*PIDA-CED account loans are real estate, equipment, and/or working capital loans to eligible retail and service enterprises located in an eligible distressed area, whereas the loan amount is $200,000 or less and the eligible enterprise has 100 or fewer full-time employees worldwide at the time of application submission.
How Do I Apply?
The first step is to contact us to discuss your project. By learning more about your company and its needs, we can identify the financing products that are best for your project.
Contact Kayla Hayick, Director of Lending and Business Outreach, at 610.898.7761.
To proceed to the application stage, the following information is needed:
General
Company Financial Statements
Personal Financial Statements (unless company has $5+ million net worth)
Other Programs:
SBA 504
In addition to the PIDA, we also have access to the SBA 504 program. In past projects, we have partnered with the Southeastern Economic Development Company of Pennsylvania (Seedcopa) for SBA funding. GBDF (PIDA) and SBA 504 can participate on projects to offer companies an extremely attractive financing package.
Example of a past project:
Plum Creek Market and Creamery
The Plum Creek project in Penn Township, Berks County, is a great example of combining both PIDA and SBA 504. The owners of Plum Creek demolished its existing building and constructed a 12,000-square-foot market that allowed for an expanded area for produce sales, and food/ice cream production. The total cost was $3.4 million, with a PIDA loan of $1 million, SBA 504 loan of $1.38 million, bank financing and equity for the balance. The new building also allows for the market to operate all year round, instead of seasonal with the old building.
Finanta Federal Credit Union
Both GBDF and Finanta are both Community Development Financial Institutions (CDFIs) and we have worked together on projects, leveraging each other’s resources. Typically, these projects are challenging and involve the participation of different resources.
Example of a past project:
SuperNatural
Located at 4th and Elm Streets in Reading, the SuperNatural Produce project is an example of the combination of different programs to have former dilapidated buildings redeveloped. The $6+ million complex financing structure involved direct loans, loan guarantees, federal funds and equity for the mixed-use project.