Pennsylvania Code
Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT
Part III - Business Financing
Subpart C - Loans
Chapter 73 - PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY
Subchapter B - STATEMENT OF POLICY
PROJECT ELIGIBILITY
Section 73.112a - Agricultural enterprises
Current through Register Vol. 54, No. 44, November 2, 2024
The act provides that, to be an eligible agricultural enterprise, the enterprise must, by virtue of its size, require substantial capital and create substantial employment opportunities. The following criteria are used as guidelines by PIDA in determining whether a particular business is eligible to receive funding as an agricultural enterprise. PIDA may relax or waive the criteria when justified by the circumstances of a particular project.
(1) For agricultural enterprises which are involved in the management and use of a normal agricultural operation for the production of a farm commodity, such as the production, harvesting or preparation for market of poultry, livestock and their products (including bee products), agricultural crops, timber, horticultural crops (including flowers, fruits, vegetables and shrubs), and aquaculture crops (including fish and plants grown in water), PIDA will consider these requirements to be satisfied if the project cost is at least $200,000 and the agricultural enterprise has at least $100,000 in annual gross sales.
(2) For agricultural enterprises which are engaged in either the manufacture, development or preparation for sale of one or more farm commodities which adds value to those commodities, or the conversion of a farm product into a marketable form, including, but not limited to, livestock by slaughtering, fruits and vegetables by canning and freezing and forest products by secondary processing, PIDA will consider these requirements to be satisfied if the project cost is at least $200,000 and the agricultural enterprise provides at least 25 full-time jobs (either retained or newly created) within 3 years after the PIDA loan closes.
(3) An agricultural enterprise may be either a for-profit or nonprofit entity.
