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| TARGET | |
| Job Creation Loans: Manufacturing, industrial, research and development, agricultural processors, or firms establishing a regional or national headquartersJob Retention Loans: Manufacturing Firms that meet certain q
uality standards and wage thresholds in Cambria County |
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| USES | |
| Land and Building acquisition, building construction and renovation, industrial park development, and multi-tennant spec building construction, acquisition and renovation. |
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| AMOUNTS | |
| Loans of up to $1 Million; no more than 30% to 60% of total eligible project costs depending on firm size and area unemployment rate. |
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| TERMS/CONDITIONS | |
| 3% to 6% interest rate, depending upon local unemployment rate; up to 10 year term on industrial parks; up to 15 year term on land and buildings; no less than a second mortgage on financed assets; disbursement to applicant based upon rei
mbursable expenses; $15,000 cost per job to be created or retained, and $20,000 cost per job created that meets wage thresholds in Cambria County. |
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