And when a state wants to move loans, it does the same.
DCED and PIDA said Wednesday they have sharply cut the interest rates and waived fees they charge on loans to businesses, to spark demand.
"We're happy to see it," said
"It certainly will help to spur interest in those programs."
PIDA reduced its rates from 3.0 percent (adjusted after seven years) or 4.5 percent to 2.25 percent.
Both DCED and PIDA also waived their loan fees, typically 1 percent of the loan amount.
In announcing the rate and fee action, the DCED noted that a similar reduction about a year ago was very successful.
The reduction from
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