For many local businesses, accessing affordable capital can be the difference between standing still and scaling up. That’s where the Pennsylvania Industrial Development Authority (PIDA) loan program steps in — offering low-interest financing designed to fuel growth, expansion and long-term investment across the region. In Berks County, the Greater Berks Development Fund (GBDF) plays a central role in helping companies navigate this opportunity, guiding applicants through a process that connects local business needs with state-level economic development resources.

What is PIDA?

PIDA provides low interest loans for eligible businesses. The PIDA loan program is administered through The Department of Community and Economic Development (DCED). DCED reviews the application and works through the approval and underwriting process with GBDF.

Who is an eligible applicant to apply for PIDA?

As Berks County’s Certified Economic Development Organization (CEDO), GBDF works directly with the applicant company to package and underwrite the loan application. The application is submitted to PIDA for final approval.

What is GBDF?

GBDF is a 501 (c)(4) industrial development corporation and is an affiliate of the Greater Reading Chamber Alliance (GRCA). GBDF has a long history of providing financial assistance to Berks County companies to support growth and expansion. In addition to financing, GBDF also owns and manages real estate projects throughout Berks County. As the CEDO, GBDF also can utilize federal, state and local grant programs to create various financing packages.

What eligible entities qualify for financing?

Manufacturing, industrial and agriculture entities are the most frequent borrowers under the PIDA program, but other industries such as hospitality and service enterprises also are eligible.

What are the eligible uses?

Financing can be used for land and building acquisition, construction and renovation costs, machinery and equipment purchases and working capital loans.

What are the loan amounts?

Real estate loans have a maximum loan amount of $2,250,000. Machinery and equipment loans are typically at $400,000 and working capital loans are up to $100,000. For larger projects, a special request can be made to increase the machinery and equipment loan amount.

What is the current interest rate and terms?

Land and building acquisitions, and construction and renovation costs have up to a 15-year term, machinery and equipment have up to a 10-year term and working capital loans are up to a three-year term. The interest rates are typically 1 to 2 percent below industry standard and update every quarter.

Who can you contact to apply for a PIDA loan?

Please contact me at khayick@greaterreading.org or 610-698-2703.

Kayla Hayick is Director of Lending & Business Outreach, GRCA.