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The Titusville Redevelopment Authority is dedicated to the
advancement and vitality of area businesses and stands ready to assist in
the procurement of necessary funding or technical expertise required to
ensure a successful business climate.
The Authority administers an array of loan programs available to
any business or industry located within the Titusville Area School
District. |
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TIFI and TIDA Loan Programs- Both organizations,
Titusville Industrial Fund, Inc. (TIFI) and Titusville Industrial
Development Authority (TIDA) maintain a pool of funds to be lent for
business growth, expansion and job savings or creation. The terms of
these funding programs are 2% below Prime ranging from two to ten years
depending on the use of proceeds. TIFI and TIDA loans typically
range from $2000 to $20,000. As these loans are repaid the funds are
then made available to other area businesses. |
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Enterprise Zone Competitive Loan Program - For
larger industrial projects located within the Enterprise Zone which meet
job creation and retention requirements The Enterprise Zone Competitive
Loan Program enables the Authority to submit an application ranging from
$5000 to $250,000, but not exceed 30% of the project, to the Department of
Community and Economic Development. This is a competitive loan
program, which means that DCED bases their award of funding on the strength
of the project, the benefit to the local economy and the
Commonwealth. Repayment of these loans are to the Titusville
Redevelopment Authority at 2% interest rate over terms that range from
three to ten years. As each Enterprise Zone Competitive Loan is
repaid to t he Authority, the funds go directly into the local Enterprise
Zone Revolving Loan Fund which supports further growth of our small
business start-ups and expansion. |
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PIDA Loan Program - Submission for loan requests up
to $2 million for land, building acquisition and construction or
renovation for 30 - 60% of the project can be accomplished through a TRA
package to the Pennsylvania Industrial Development Authority (PIDA).
This funding source mandates one job created or retained for each $15,000
to $20,000 of loan proceeds during the first three years following project
completion. Interest rates range from 3 - 6%. |
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MELF Loan Program -Machinery and equipment financing
is available for 50% of the project costs up to a maximum of $500,000 and
can be obtained through TRA with a Machinery and Equipment Loan Fund
(MELF) application. Manufacturing, industrial and agricultural
processors are eligible recipients for this source of funding. |
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USDA Loan Program - The Authority is able to apply
for funds through the United States Department of Agriculture (USDA) for
area businesses up to $20,000 at 2% below Prime. The target of these
funds must project annual gross sale of less that $1 million, employ less
than 50 people and utilize technological innovation and commercialization
of new products manufactured in rural areas. |
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