Listed below are the updated interest rate options for the PIDA loan program. These rates are in effect for loan applications received through September 30, 2018.
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 3.75% 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 2.75%.
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 3.75% 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 2.75%.
For Equipment loans – 3.75% fixed rate for the full term of the loan.
For Working capital and accounts receivable lines of credit – 3.75% fixed rate for 12 month period.
For Pollution prevention and energy efficiency loans – 2.00% fixed rate for the full term of the loan.
Gorski Engineering’s work on the construction of a new fire station for Limerick Fire Company has earned the company a National Excellence in Construction® Pyramid Award from Associated Builders and Contractors (ABC) in the pre-engineered building category. Kathy and Jerry Gorski received the award March 21 during ABC’s 28th annual Excellence in Construction Awards celebration at ABC Convention 2018 in Long Beach, Calif. This is Gorski Engineering’s 17th national award since 1997.
“Gorski Engineering earned this Excellence in Construction Pyramid Award through their outstanding craftsmanship, teamwork and world-class safety processes, and Associated Builders and Contractors is pleased to honor them,” said 2018 ABC National Chair George R. Nash Jr., director of preconstruction at Branch & Associates in Herndon, Va. “The uncompromising commitment to top-quality construction from Gorski Engineering’s team was clear from start to finish in building this new fire station. ABC is proud to claim these leaders in the merit shop construction industry among its members.”
“We are proud to have been chosen to build this unique project for a dedicated group of first responders. The pre-engineered building solution we provided brought down the cost of earlier designs and allowed the project to be completed under budget,” said Jerry Gorski, President of Gorski Engineering. In addition to the fire station, the building houses the Limerick Township Emergency Response Center and Emergency Medical Services. Gorski Engineering, based in Collegeville, provides design-build construction services to commercial, industrial and institutional clients throughout Pennsylvania, New Jersey, and Delaware.
The Excellence in Construction awards program is the industry’s leading competition that honors contractors for innovative and high-quality merit shop construction projects. The winning projects, selected from hundreds of entries submitted from across the nation, were judged on complexity, attractiveness, unique challenges, completion time, workmanship, innovation, safety and cost. A panel of industry experts served as the competition’s judges. This year’s panel included representatives from the Building Owners and Managers Association International, the Smithsonian Facilities Construction Division, the Construction Management Association of America, Engineering News-Record, Design-Build Institute of America and various construction-related firms nationwide.
Montgomery County Opportunity Loan Program – 2018 Guidelines
Updated guidelines for the Montgomery County Opportunity Loan Program (MCOLP) have been released. As the Commerce Department’s flagship economic development program, the Montgomery County Opportunity Loan Program (MCOLP) is a cooperative initiative of the County government, the Montgomery County Development Corporation (MCDC), and the Montgomery County Industrial Development Authority (IDA). The loan program offers fixed rate and term loans to help businesses grow, increase productivity, and maximize the value of their investments in Montgomery County, Pennsylvania.
MCOLP is designed to be utilized as a traditional economic development “gap financing” tool in conjunction with commercial lenders as well as other public sector and non-profit sector lenders. Successful applicants will work with the Commerce Department and other lending institutions to fund a project (such as an equipment purchase or a building expansion). The advantages of utilizing MCOLP funding as part of a project’s funding include a reasonable fixed rate and term.