5 Pa. State Business Loan Programs Lower Costs

HARRISBURG, Pa. (AP) â¿¿ Gov. Tom Corbett's administration says applicants to five Pennsylvania state business loan programs can temporarily bypass an up-front fee and get a lower interest rate.

The state Department of Community and Economic Development said Tuesday that interest rates will be 1.5 percent and a 1 percent administrative fee will be dropped for applicants through March 31.

Rates were 2.75 percent previously.

Department spokesman Steve Kratz says the administration hopes to spark economic growth and more private-sector investment. He says the reductions could be extended if the revolving loan funds can keep operating at that cost structure.

The loans are available through the Machinery and Equipment Loan Fund, the Small Business First Program, the Pollution Prevention Assistance Program, the Export Financing Program and the Pennsylvania Industrial Development Authority.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Personal Finance

Amazon Prime Day 2018: When Is It and What Should You Know?

Amazon Prime Day 2018: When Is It and What Should You Know?

When Is the FAFSA Deadline and What Are the Application Requirements?

When Is the FAFSA Deadline and What Are the Application Requirements?

This Should Be Your Retirement Savings Plan When the Stock Market Crashes

This Should Be Your Retirement Savings Plan When the Stock Market Crashes

Former General Electric CEO Jack Welch Has 4 Tips to Getting a Promotion

Former General Electric CEO Jack Welch Has 4 Tips to Getting a Promotion

What Is Neymar's Net Worth?

What Is Neymar's Net Worth?