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Available Sites | WorkForce | Financing / Incentives | Infrastructure | Location Maps |
Go to: Loans
Go to: Loan Guarantees
Go to: Local Revolving Loan Funds
Go to: Venture Capital
Go to: Bond Financing
Go to: Workforce Development
Go to: Grants
Go to: Tax Credits and Abatements
Go to: Technical Assistance
Go to: Keystone Opportunity Zone
LOANS
1. Pennsylvania Industrial Development Authority (PIDA) offers low-interest loan financing through Industrial Development Corporations for land and building acquisition, construction and renovation resulting in the creation or retention of jobs.
2. Machinery and Equipment Loan Fund (MELF) provides low-interest loan financing to acquire and install new or used machinery and equipment or to upgrade existing machinery and equipment.
3. Small Business First (SBF) provides funding for small business including: low-interest loan financing to small businesses for land and building acquisition and construction; machinery and equipment purchases and working capital; financing to comply with environmental regulations; for business involved in municipal or commercial recycling; and for those impacted by defense conversion.
4. Export Finance Program (EFP) helps small businesses begin or expand exporting by offering Working Capital and Accounts Receivable financing in amounts of up to $350,000.
5. Pennsylvania Minority Business Development Authority (PMBDA) offers low-interest loan financing to businesses which are owned and operated by minorities.
6. Pennsylvania Infrastructure Investment Authority (PENNVEST) provides low-interest loans for design, engineering and construction of publicly and privately owned drinking water distribution and treatment facilities, storm water conveyance and wastewater treatment systems.
7. Underground Storage Tank Upgrade Loan Program (USTULP) offers low-interest loan financing to business owners of regulated underground storage tanks to meet federal Environmental Protection Agency (EPA) upgrade requirements.
LOAN GUARANTEES
1. Pennsylvania Capital Access Program (PennCAP) provides a loan guarantee through participating banks. Guarantees can be used to support a wide variety of business purposes.
LOCAL REVOLVING LOAN FUNDS
1. Mercer County Industrial Growth Fund (MCIGF) Administered by the Penn-Northwest Development Corporation, this fund is available to manufacturing, industrial, advanced technology/research and development, public infrastructure projects for financing of land, building, machinery and equipment and infrastructure. Maximum loan amount of $250,000 or 50% of total eligible project costs, whichever is less. Terms, rates, and requirements are available by contacting Penn-Northwest. Interested companies should contact: mercercountypa@penn-northwest.com
2. Shenango Valley Enterprise Zone Corp. (SVEZC) Revolving Loan Fund Administered by the Shenango Valley Enterprise Zone Corp., this fund is available to manufacturing, industrial, and export services for financing of land, building, machinery and equipment. Maximum loan amount of $250,000 or 50% of total project costs. Terms, rates, and requirements are available by contacting the SVEZC at www.svezc.com.
3. City of Hermitage Revolving Loan Program Administered by the Hermitage Economic Development Commission, this business to business fund is available to manufacturing, industrial, business to business services, including warehousing and distribution, advanced technology projects for financing of land, building, machinery and equipment. Maximum loan amount of $100,000 or 50% of total eligible project costs, whichever is less. Terms, rates, and requirements are available by contacting the Hermitage Community & Economic Development Office. Interested companies should contact: info@hermitage.net
VENTURE CAPITAL
1. Pennsylvania Early Stage Partners (PA-ESP) provides working capital for start-up or early stage technology companies. Equity investments range from $250,000 to $2 million.
BOND FINANCING
1. Pennsylvania Economic Development Financing Authority (PEDFA) serves as an issuer of tax-exempt and taxable bonds, both in pooled transactions and stand-alone transactions. Bond funds are loaned to businesses and can be used to finance land, building, equipment, working capital and refinancings. mercercountypa@penn-northwest.com
2. Mercer County Industrial Development Authority (MCIDA) serves as an issuer of tax-exempt and taxable bonds as stand-alone transactions. Bond funds are loaned to businesses and can be used to finance land, building, machinery, equipment and working capital.
mercercountypa@penn-northwest.com
WORKFORCE DEVELOPMENT
1. Customized Job Training (CJT) provides grant funds for specialized job training to existing or newly hired employees.
2. Job Training Partnership Act (JTPA) a federal program that provides job training to eligible individuals. One program available to employers is on-the-job training, which provides up to a 50 percent wage subsidy for employees while in training.
GRANTS
1. Opportunity Grant Program provides grant funds to create or preserve jobs within the Commonwealth. Determined by the PA Department of Community & Economic Development.
2. Infrastructure Development Program (IDP) provides grant and low-interest loan financing for public and private intrastructure improvements.
3. Industrial Sites Reuse Program (ISRP) provides grant and low-interest loan financing to perform environmental site assessment and remediation work at former industrial sites.
4. Rail Freight Assistance provides grants to build or repair rail lines and spurs.
TAX CREDITS AND ABATEMENTS
1. Job Creation Tax Credits provides a $1,000-per-job tax credit to approved businesses that agree to create jobs in the Commonwealth within three years.
2. Keystone Opportunity Zones (KOZ) provides state and local tax abatement to business and residents locating in one of the 12 designated zones as of January 1, 1999.
3. Enterprise Zone Tax Credits provides tax credits to employers located in enterprise zones.
4. Local Economic Revitalization Tax Assistance Act (LERTA) Local municipalities, school districts and counties can offer abatements on property taxes for up to 10 years.
5. Research and Development Tax Credit allows employers qualifying for the federal R&D tax credit to receive a 10 percent tax credit for new research and development investments in Pennsylvania.
TECHNICAL ASSISTANCE
1. Industrial Resource Centers (IRC) provides financial and technical assistance to manufacturers to improve their manufacturing operation. aweller@nwirc.org
2. Small Business Development Centers (SBDCs) provides technical assistance and consulting services to current and prospective entrepreneurs. SBDCs consulting areas of expertise range from business plan development and implementation to issue areas related to current business operations. horne001@gannon.edu
3. Ben Franklin Partnership: Challenge Grant Program provides grants for research and development, technology transfer, joint research and development.
KEYSTONE OPPORTUNITY ZONE
1. Through credits, exemptions, waivers and deductions for taxable economic activity, KOZ taxable economic activity is expected to be reduced to almost zero within the zone.
2. State and local taxes being waived include: STATE: Corporate Net Income Tax, Capital Stock and Foreign Franchise Tax, Personal Income Tax, Sales and Use Tax (purchases consumed and used by businesses in the zone) LOCAL: Earned Income/Net Profits Tax, Business Gross Receipts, Business Occupancy, Business Privilege and Mercantile Tax, Local Real Property Tax, Sales and Use Tax (county/city; purchases used and consumed by businesses in zone, if applicable)
