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.

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What types of projects are financed by the PIB?
Most capital projects are eligible, but construction projects receive the highest priority for funding.

Examples of eligible projects include, but are not limited, to:

Aviation

• Runway, taxiway, apron, terminal and hangar construction
• Land acquisition, equipment procurement and obstruction removal
• Security-related purchases
• Runway, taxiway and apron lighting

Highway/Bridge

• Roadway improvements
• Bridge repairs and replacements
• Traffic signals and signage
• Drainage structures
• Intermodal facilities
• 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

Rail Freight

• Rail infrastructure construction
• Rail rehabilitation

Transit

• Transit capital purchases, buildings, and intermodal facilities

What is the process for applying for a PIB loan?
The 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.

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