The State Department of Economic Development is doing something to expand business in Pennsylvania. Tuesday, they announced they're reducing the interest rates on 5 different buisness loan programs.
The DCED lowered the interest rates for the Machinery and Equipment Loan Fund, the Small Business First Program, the Pollution Prevention Assistance Program and the Export Financing Program from 2.75 percent to 1.50 percent.
Additionally, the Pennsylvania Industrial Development Authority (PIDA) approved lowering its interest rates to 1.50 percent. PIDA and DCED will also waive its fees charged to the borrowers. The new rates will initially be in place for applications received through March 31, 2013.
The hope is that it will open up more money to business owners that want to expand.