We have all the incentives you need to Make it in! Mercer County.
We have all the incentives you need to Make it in! Mercer County! Our Affordable Solutions for Corporate Expansion include low-cost land and buildings, low-interest loans, grants, tax credits and abatements, loan guarantees, no-cost technical assistance and more!
LOCAL LOW-INTEREST REVOLVING LOAN FUNDS
Penn-Northwest manages and administers a multimillion dollar revolving loan fund that compliments many other sources of funding. These low-interest funds are available to eligible new and expanding industrial, manufacturing, warehouse, distribution, business-to-business and advanced technology firms in Mercer County. Mercer County Industrial Growth Funds can be used for land and building acquisition, renovations, new/used machinery and equipment purchases and limited working capital.
In addition, our team can connect you with and help you apply to other local sources of low-interest financing, including the Shenango Valley Enterprise Zone Corporation, the Sharon Industrial Development Authority, the City of Farrell, the City of Hermitage and the Northwest Commission.
Mercer County has over 500 acres of property located in designated Keystone Opportunity Zones. This designation eliminates specific state and local taxes within identified underdeveloped and underutilized areas including Corporate Net Income Taxes, Capital Stock & Foreign Franchise Tax, Personal Income Tax, Sales & Use Tax, Bank Shares & Trust Company Shares Tax, Alternative Bank & Trust Company Shares Tax, Mutual Thrift Institutions Tax, Insurance Premiums Tax, Earned Income/Net Profits Tax, Business Gross Receipts, Business Occupancy, Business Privilege & Mercantile Taxes and Local Real Property Tax.
KOZs are such a breakthrough and high-impact incentive that Business Facilities Magazine calls them the number one economic development strategy in the nation!
TAX-EXEMPT BOND FINANCING
Small manufacturers and non-profit 501(c)(3) corporations may be eligible for tax-exempt bond financing through the Mercer County Industrial Development Authority (MCIDA). The MCIDA issues tax-exempt bonds up to $10 million as stand-alone transactions. Bond funds are loaned to businesses and can be used to finance land, building, and new machinery and equipment. The rate is usually about 85% of the prime rate with terms similar to conventional financing.
If you’re considering relocating and/or expanding your business, please complete and submit this form to learn how Penn-Northwest can help you take advantage of a number of incentives available to businesses that choose Mercer County, Pennsylvania.
PENNSYLVANIA STATE INCENTIVES*
The Pennsylvania Industrial Development Authority (PIDA) provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs in Pennsylvania. Funds can be used for land building acquisition, construction and renovation costs, machinery and equipment purchases, working capital and accounts receivable lines of credit, multi-tenant facility projects and industrial park projects. Penn-Northwest will package and help underwrite your loan application in partnership with PIDA.
Job Creation Tax Credits (JCTC) can be used to offset various business tax liabilities. Our team will help your eligible business secure tax credits of $1,000+ per new job created.
The Workforce and Economic Development Network of Pennsylvania – WEDnetPA – program provides qualified employers training funds for new and existing employees. Funding can be used for a wide range of incumbent worker training – categorized as either Essential Skills Training or Advanced Technology Training. We will help you secure up to $450 per trainee, per year, for Essential Skills Training and up to $850 per trainee, per year, for Advanced Technology Training.
The Pennsylvania First Program (PA First) is a comprehensive funding tool to facilitate increased investment and job creation within the commonwealth. We will help your eligible business secure a grant, loan or loan guarantee for machinery/equipment purchases, job training, infrastructure, land and building improvements, environmental assessment/remediation, acquisition of land/buildings/right-of-ways, working capital or site preparation/demolition/clearance.
The above is just a sample offering of the Affordable Solutions for Corporate Expansion available in Mercer County. If your competitive project offers a substantial economic impact, there are even more low-cost and no-cost tools available to you. There are additional project-specific funding mechanisms, including grant funds, we would like to explore with you. Contact us today to determine your eligibility and to learn how locating in Mercer County can decrease the bottom line of your expansion project!
*Typical offerings for most industrial and manufacturing businesses creating and/or retaining a significant number of jobs and making capital investment in Pennsylvania. All state incentives are subject to approval by the Governor, PIDA Board and/or Pennsylvania Department of Community & Economic Development Secretary.
All incentives are subject to approval by the respective governing bodies.