Other Eligibility Criteria:
Businesses must achieve one of the following standards within three years of receiving Pennsylvania First Program funding: (1) create or retain a minimum of 100 full-time jobs at the project site; (2) increase their full-time employment within the commonwealth by at least 20%; (3) provide a substantial number of new full-time employment opportunities within a high-growth industry; or (4) create or retain fewer than 100 full-time jobs at project sites that are located in counties or communities suffering from high unemployment. Businesses must also maintain the jobs retained and created for an additional two years.
Each annual Pennsylvania First Program appropriation must leverage at least $10 in private investment for every $1 of program assistance awarded.
The interest rate for loans shall be set quarterly based on the 10-year Treasury rate. Loan terms will not exceed 15 years for real estate and infrastructure or 10 years for machinery and equipment. There is a 1% commitment fee on all approved loans.