The Pennsylvania Industrial Development Authority program, which finances real estate acquisition, construction and renovation for manufacturers and industrial companies, is offering attractive financing rates for applications received before the end of October.

Rates continue to be near all-time lows for the state and federal financing programs available to encourage business growth, according to John W. Kingsley, Vice President of Economic Development Finance, Lehigh Valley Economic Development Corp. (LVEDC).

Rates are at 2.50 percent fixed for seven years (reset to prevailing 10-year treasury for remaining eight years of a 15-year term). Up to 70 percent of a project's cost can be financed to a maximum loan amount of $2 million or more in select areas.

The program can also be used for warehouse and distribution and large office real estate projects.

The LVEDC's state-based small business financing program, Small Business First (SBF), recently set its rate, through the fourth quarter of 2013, to 3.50 percent fixed.

This program can finance up to 50 percent of a project cost to a maximum of $200,000 for a variety of business types for real estate, machinery and equipment and working capital related projects. Terms on the SBF program can be up to 15 years.

The U.S. Small Business Administration's 504 program is providing low fixed rates of interest for terms up to 20 years. It can finance up to 40 percent of fixed-asset project costs at rates as low as 4.5 percent.