1. Qualifying companies must have fewer than 150 employees and less than $15M in net income in the preceding tax year. 
2. Companies must be categorized in one of the following industries: manufacturing, plant sciences, services, technology, or other industries highly beneficial to the growth of the Commonwealth.
3. Companies with the ability to repay the loan.
4. Companies not located in a city with a population of more than 50,000 or an urbanized area contiguous and adjacent to a city that has a population of more than 50,000 inhabitants.
5. Companies located in an area determined to be rural by the United States Department of Agriculture. The definition for rural can be found on the USDA’s webpage.

Typical loan terms are outlined below:

• Loan Amounts: $500,000 to $2,500,000
• Loan Seniority: Loans can be senior or subordinated to existing loans from banks or other lenders
• Loan Duration: Loans will carry a minimum maturity of six (6) years
• Interest Rate: Determined by the credit quality of the business
• Loan Amortization: Interest only for the first two years with flexible amortization thereafter

Applications will be reviewed to determine whether the applicant meets all eligibility requirements and selections will be made competitively based on:

• The impact of the business on and its contribution to the Pennsylvania economy and community
• The impact of the proposed funded activities
• The company’s ability to repay the loan, based on standard metrics of collateral coverage, cash flow projections, and compliance with financial covenants
• Financial need

Eligible uses of proceeds from the loans include operating expenses, salaries, purchasing equipment and machinery, accounts payable, inventory, rent, refinancing, reopening costs, critical repairs/maintenance, adaptive upgrades, technical assistance, marketing support, paying fees and expenses and general working capital.

About 60 days depending on the complexity of the transaction. 

The Pennsylvania Rural Jobs and Investment Tax Credit Program was established by the Commonwealth of Pennsylvania to stimulate investment into rural communities.  Enhanced Capital Pennsylvania Rural Fund has been approved as a participant to provide up to $12.5 million in loans to eligible small businesses in Pennsylvania.

Applications will be accepted on a rolling basis with no specific deadline until Enhanced Capital Pennsylvania Rural Fund has been fully invested.

1. The number of jobs created and retained by each rural business reported monthly
2. The average hourly wage of all employees reported monthly
3. Any other information required by the Commonwealth