CCIDA Loans are administered directly from the Carbon Chamber & Economic Development Corporation; our Economic Development Specialist can assist you in determining which loan product (Small Business Expansion Loans, New Business Loan Programs, or revolving loan funds) are most appropriate for your needs.

CCIDA Loan Financial Terms

• Interest rate: 2% below the U.S. Prime Rate, with a minimum of 3.5% per annum, fixed throughout the loan period
• Loan term: 5 years for machinery and equipment purchases; 7 years for construction, renovation, or real estate acquisition
• Loan amounts: $5,000 to $100,000, not exceeding 75% of the total project cost.
• Application fee: $100 (non-refundable)
• At closing, legal fees and a 1.5% loan origination fee apply
• Deferred payments are not allowed except in extraordinary circumstances
• Late fees will be assessed on past due payments
• Loans may be assumable if the new purchaser meets eligibility requirements; otherwise, the entire loan amount becomes due
• Pre-payment is permitted without penalty

Eligibility Requirements

• Meet small business size standards
• Located in Carbon County or planning operations there
• Proposed activities comply with federal, state, and local regulations
• Businesses may re-apply for one additional loan for a new project, provided they are in good standing
• No business may hold more than two active CCIDA/CCEDC loans simultaneously
• Provide accurate and complete application information

Financial Viability

• Submit a detailed business plan and market analysis for new ventures
• Include three-year proforma financial statements, balance sheets, profit and loss statements, and cash flow projections
• Provide financial statements and tax returns for the past three years
• Present a current credit report
• Show proof of at least 10% equity in the project
• List collateral, including personal guarantees or insurance if applicable
• List additional financing sources

Other Considerations

• Demonstrate job creation or retention because of the project
• Provide evidence of management experience (attach resumes)
• Ensure the project complies with environmental standards; no funds will be released until approvals are secured
• Maintain transparent communication during the process

Click Here for a Comprehensive Look at our Small Business Loans

For more information on the Application Review & Approval Process, please contact Jared Soto at jsoto@carboncountychamber.org or 484-274-2080.

The CCEDC will act as the administrator of this loan through the Pennsylvania Industrial Development Authority (PIDA). 

Pennsylvania Industrial Development Authority Overview
The PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program.

CCEDC Administrative Fees include: 

• Application Fee* (Non-refundable): $900
• CCEDC origination fee* (Due at closing): 1.0 % of loan amount
• All cost associated with this loan, including, but not limited to, real estate appraisal, special meeting fees, deed and mortgage preparation, as-built site survey, title insurance, all inspection cost, environmental audit, bank commitment fee, recording cost, advertising costs, audit fees and all legal fees shall be the responsibility of the applicant.
• All fees are not to exceed IRS limits and are not refundable.

*Please note: these fees are in addition to the fees charged by PIDA.

PIDA Loan Uses: Land and building acquisitions; Construction and renovation costs; Machinery and equipment purchases; Working capital and accounts receivable lines of credit, Multi-tenant facility projects;  Industrial park projects.

Eligibility: A variety of different industry sectors are eligible for PIDA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises.

Funding: The PIDA program finances a portion of total eligible project costs.  The maximum participation amount is determined by a variety of factors such as the proposed use of the PIDA funds, the business enterprise type applying for financing, the amount of matching financing from sources outside of PIDA, and the number of full-time jobs to be retained or created.

Loan approval is contingent upon meeting the program underwriting and collateral requirements.

Terms: Up to 15 years for land and building acquisitions and construction / renovation projects; Up to 10 years for machinery and equipment purchases; Working capital and accounts receivable lines of credit have a term of 1 year and can be renewed. Interest rates for the program are based on current market conditions.

For more information on the Application Review & Approval Process, please contact Jared Soto at jsoto@carboncountychamber.org or 484-274-2080.

The CCEDC will act as the administrator of this grant through the Commonwealth Financing Authority (CFA). 

Local Share Account (LSA) Grant Overview:
The PA Race Horse Development and Gaming Act (Act 2004-71), as amended, provides for the distribution of gaming revenues through the Commonwealth Financing Authority (CFA) to support projects in the public interest within the Commonwealth of Pennsylvania.

CCEDC Administrative Fees include: 

• Application Fee (CCEDC member) (Non-refundable): $300
• Application Fee (CCEDC non-member) (Non-refundable): $600
• Administration Fee: 2.0 % of grant amount

The grant recipient is responsible for all legal, auditing and engineering fees not covered by the grant.

Uses: Projects in the public interest. Projects that improve the quality of life of citizens in the community. Eligible projects must be owned and maintained by an eligible applicant or a nonprofit organization.

Click Here for a Comprehensive Look at our Grant Programs.

For more information on the Application Review & Approval Process, please contact Jared Soto at jsoto@carboncountychamber.org or 484-274-2080.

The CCIDA will act as the administrator of bonds through the Pennsylvania Economic Development Financing Authority (PEDFA).

Pennsylvania Economic Development Financing Authority (PEDFA) Bonds Overview:
PEDFA provides cost-effective financing to businesses by issuing bonds, selling the bonds to private investors, and lending the proceeds to eligible businesses

CCIDA Administrative Fees include: 

• Application Fee* (Non-refundable): $900
• CCIDA origination fees* upon issuance of PEDFA Bonds: 0.7 % of Loan Amount

*Please note: These fees are in addition to the fees charged by PEDFA.

All cost associated with this loan, including, but not limited to, real estate appraisal, special meeting fees, deed and mortgage preparation, as-built site survey, title insurance, all inspection cost, environmental audit, bank commitment fee, recording cost, advertising costs, audit fees and all legal fees shall be the responsibility of the applicant.

For more information on the Application Review & Approval Process, please contact Jared Soto at jsoto@carboncountychamber.org or 484-274-2080.

The CCIDA will act as the administrator of grants through the Redevelopment Assistance Capital Program (RACP).

Redevelopment Assistance Capital Program (RACP) Grant Overview:
The Redevelopment Assistance Capital Program (RACP) is a Pennsylvania Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects.

Redevelopment Assistance Capital Program projects are state-funded projects that cannot obtain primary funding under other state programs. Projects that can normally obtain funding from PENNDOT, PENNVEST, the Department of Community and Economic Development, or other state agencies are generally restricted from participating in the Redevelopment Assistance Capital Program.

CCIDA Administrative Fees include: 

• Application Fee (Non-refundable): $1,000
• Once grant is awarded, fees equal to 1.0% of the grant amount are payable to CCIDA in the following installments:
  • 1^st  payment (0.25%) due upon submission of the Project Management  Proposal (PMP)
  • 2^nd  payment (0.25%) due upon execution of the Grant Agreement
  • 3^rd  payment (0.25%) due upon receipt of funds for Payment Request #1
  • 4^th  payment (0.25%) due upon scheduling of Close-Out Audit Entrance Meeting

In addition to the above fees the Applicant is responsible for all other cost associated with this grant, including, but not limited to, real estate appraisal, special meeting fees, deed and mortgage preparation, as-built site survey, title insurance, all inspection cost, environmental audit, bank commitment fee, recording cost, advertising costs, audit fees and all legal fees.

Click Here for a Comprehensive Look at our Grant Programs.

For more information on the Application Review & Approval Process, please contact Jared Soto at jsoto@carboncountychamber.org or 484-274-2080.