Why apply for a PIB loan?
The PIB provides a low-cost means to fund projects, in whole or in part.
The bank can
provide the money to accelerate a construction schedule
or to complete a
funding package. The interest rate on PIB loans is fixed at one-half the
prime lending rate with terms up to 10 years.
Who may apply for a PIB loan?
Borrowers include cities, townships, boroughs, counties, transportation authorities,
economic development agencies, not-for-profit organizations, and private corporations.
What types of projects are financed by the PIB?
Most capital projects are eligible, but construction projects receive the highest priority for funding.
of eligible projects include, but are not limited, to:
Runway, taxiway, apron, terminal and hangar construction
Land acquisition, equipment procurement and obstruction removal
Runway, taxiway and apron lighting
Bridge repairs and replacements
Traffic signals and signage
Intelligent Transportation System (ITS) projects
Equipment procurements and highway-related storage buildings
Traffic calming and pedestrian crossing improvements
Hometown Streets/Safe Routes to School programs
- Transit capital
purchases, buildings, and intermodal facilities
What is the
process for applying for a PIB loan?
PIB loan process involves five key steps; Application, Evaluation,
Approval, Execution and Funds Disbursement. Applications may be submitted
at any time and are considered on an ongoing basis. To download an
application, click on the “Application” page on this website. For
additional information on the PIB loan process, click on this website’s
“PIB Handbook” page and download the PIB Handbook.