Take advantage of extremely low interest rates!
Third quarter interest rate options for qualifying PIDA loan applications are listed below. These rates are in effect for loan applications received through Sept. 30, 2020.
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 1.75% 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 0.75%.
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 1.75% 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, 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 0.75%.
Equipment loans: 1.75% fixed rate for the full term of the loan.
Working capital and accounts receivable lines of credit: 1.75% fixed rate for 12 month period.
For Pollution prevention and energy efficiency loans: 2.00% fixed rate for the full term of the loan.
Business financing isn’t one size fits all.
Does your business need?:
- Long-term fixed interest rates?
- A way to spend less money out of pocket (such as reduced equity injection)?
- Loans for land acquisition, construction, machinery or equipment?
- Information about tax credits or incentives for job creation and investment?
- A second opinion because you’ve been turned down by a bank?
With a simple conversation, we can connect you with financial resources that can help your business grow.
The Greater Reading Chamber Alliance (GRCA) operates under a single principle — helping businesses grow and succeed in our community. Using our existing connections and available resources, we can direct you to exclusive financing opportunities to fund your business’s next project. Our team has over 50 years of combined government lending experience and a dedication to excellent customer service. From loans to grants to tax credits and training dollars, GRCA is fully equipped to get you connected to the right resources to turn your vision into action.
Whether you’re a large company with a long history, or a new start-up, we can help.
GRCA can connect you with financial resources no matter your industry or need:
Your business might need something other than traditional financing. That’s why we’re here. We can connect you to some of the lowest rates on financing as well as credits and incentives that can help your business grow. If you want to learn more about our programs and how your business might qualify, contact our financing team at 610.898.7782.
