DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT Machinery and Equipment Loan Participation and Interest Rates [27 Pa.B. 3071] The Department of Community and Economic Development (Department) gives notice of the adoption of Machinery and Equipment Loan (MELF) participation and interest rates for loans approved by the Department. The rates are effective as of July 1, 1997 and will remain in effect until changed by a notice in the Pennsylvania Bulletin. The rates follow as Annex A.
The Department retains the right to waive or modify the rates, to the extent that such are not mandated by law, on a case by case basis for good cause shown.
Further information can be obtained from the Department of Community and Economic Development, Room 481 Forum Building, Harrisburg, PA 17120, (717) 787-6245.
SAMUEL A. MCCULLOUGH,
SecretaryAnnex A MELF PARTICIPATION AND INTEREST RATES FOR COUNTIES AND MUNICIPALITIES* OVER 25,000 POPULATION Maximum MELF Interest Participation** Rate*** County* % ADAMS 50% 6.75 ALLEGHENY 50% 6.75 McKeesport City 50% 3.75 Pittsburgh City 50% 5.25 ARMSTRONG 50% 3.75 BEAVER 50% 3.75 BEDFORD 50% 3.75 BERKS 50% 6.75 Reading City 50% 5.25 BLAIR 50% 5.25 Altoona City 50% 5.25 BRADFORD 50% 5.25 BUCKS 50% 6.75 Bensalem Twp. 50% 5.25 Bristol Twp. 50% 5.25 BUTLER 50% 5.25 CAMBRIA 50% 3.75 CAMERON 50% 3.75 CARBON 50% 3.75 CENTRE 50% 6.75 CHESTER 50% 6.75 CLARION 50% 3.75 CLEARFIELD 50% 3.75 CLINTON 50% 3.75 COLUMBIA 50% 3.75 CRAWFORD 50% 5.25 CUMBERLAND 50% 6.75 DAUPHIN 50% 6.75 Harrisburg 50% 6.75 DELAWARE 50% 6.75 Chester City 50% 3.75 ELK 50% 5.25 ERIE 50% 5.25 Erie City 50% 3.75 FAYETTE 50% 3.75 FOREST 50% 3.75 FRANKLIN 50% 6.75 FULTON 50% 5.25 GREENE 50% 3.75 HUNTINGDON 50% 3.75 INDIANA 50% 3.75 JEFFERSON 50% 3.75 JUNIATA 50% 3.75 LACKAWANNA 50% 3.75 LANCASTER 50% 6.75 Lancaster City 50% 5.25 LAWRENCE 50% 5.25 New Castle City 50% 3.75 LEBANON 50% 6.75 Lebanon City 50% 5.25 LEHIGH 50% 5.25 Allentown City 50% 5.25 LUZERNE 50% 3.75 LYCOMING 50% 5.25 Williamsport City 50% 3.75 McKEAN 50% 5.25 MERCER 50% 3.75 MIFFLIN 50% 3.75 MONROE 50% 3.75 MONTGOMERY 50% 6.75 Norristown Boro 50% 5.25 Upper Dublin Twp. 50% 6.75 MONTOUR 50% 6.75 NORTHAMPTON 50% 5.25 NORTHUMBERLAND 50% 5.25 PERRY 50% 6.75 PHILADELPHIA 50% 3.75 PIKE 50% 5.25 POTTER 50% 3.75 SCHUYLKILL 50% 3.75 SNYDER 50% 5.25 SOMERSET 50% 3.75 SULLIVAN 50% 5.25 SUSQUEHANNA 50% 3.75 TIOGA 50% 3.75 UNION 50% 6.75 VENANGO 50% 3.75 WARREN 50% 5.25 WASHINGTON 50% 5.25 WAYNE 50% 3.75 WESTMORELAND 50% 5.25 WYOMING 50% 3.75 YORK 50% 6.75 York City 50% 3.75 *Municipalities are listed only if MELF rate differs from County rate.
**Maximum participation; MELF loans are $500,000 or 50% of eligible project costs, whichever is less.
***Based on calendar year 1996 unemployment rate. Subject to change at discretion of DCED.
Special Note: Projects located in designated enterprise zones, planning stage enterprise zones, financially distressed municipalities under Act 47, Federal empowerment zones, Federal enterprise communities and brownfields will receive loans at 3.75%. Companies designated as advanced tech firms will receive an interest rate 1% less than the area rate with a floor of 3.75%.
10% equity injection required for all projects.
[Pa.B. Doc. No. 97-1035. Filed for public inspection June 27, 1997, 9:00 a.m.]
