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PIDA REDUCES INTEREST RATES

 HARRISBURG, Pa., Sept. 1 /PRNewswire/ -- The Pennsylvania Industrial Development Authority (PIDA) today approved the lowering of its highest interest rates on loans to businesses that are locating or expanding in the Commonwealth and creating or preserving jobs.
 The change is effective next month.
 The existing interest rates are 2, 4 and 6 percent, depending on the unemployment rate in the county where the project is located. The higher the jobless rate, the lower the interest rate.
 The new interest rate schedule will be 2, 3.5 and 5 percent under action taken by the PIDA governing board.
 Traditionally PIDA's interest rates have been lower than the prime interest rate, which currently stands at 6 percent.
 "In the past fiscal year, businesses have expressed a high level of confidence in Pennsylvania's business climate by making investments that have resulted in the creation of new jobs and new opportunities for working men and women," State Commerce Secretary Andrew T. Greenberg said.
 "Businesses have taken advantage of nearly $100 million in low-interest PIDA financing -- second highest in the program's 37-year history. We have used PIDA and other financing programs as part of an overall strategy to help businesses modernize, upgrade operations and remain competitive in domestic and international markets. It is a solid partnership with business."
 Greenberg is chairman of the PIDA board.
 /delval/
 -0- 9/1/93
 /CONTACT: Ron Jury, press secretary of the Pennsylvania Department of Commerce, 717-783-1132/


CO: Pennsylvania Department of Commerce ST: Pennsylvania IN: SU:

JM -- PH030 -- 8155 09/01/93 17:54 EDT
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Publication:PR Newswire
Date:Sep 1, 1993
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