PIDA provides low-interest, long-term loans for companies to buy land and acquire, construct, renovate, and expand buildings. SEDCO will establish the project and, after the state’s PIDA board approval, enter into arrangements to lease or sell the building to the company.
PIDA funds can be used to finance only “bricks and mortar”. Specifically, PIDA funds may go to the purchase of land and construction of a building, acquisition of an existing building, and/or acquisition and renovation of an existing building.
SEDCO filing, administration and management fees are 1.00% of the total project cost. PIDA requires a commitment fee of 1% of the PIDA loan requested ($500 minimum).
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