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LOANS
PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA)
The lead job creation/retention agency of the Commonwealth of Pennsylvania 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. Additional information regarding loan programs available through PIDA can be obtained through the Middle Monongahela Industrial Development Association at
http://www.mmida.com or the Washington Industrial Development Corporation at www.washcochamber.com.
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. Contact the Middle Monongahela Industrial Development Association at www.mmida.com for more information. For more information and application guidelines for any of the following programs, contact: www.inventpa.com.
SMALL BUSINESS FIRST (SBF)
Provides funding for small businesses, including low-interest loan financing for land and building acquisition and construction; machinery and equipment purchases and working capital.
EXPORT FINANCE PROGRAM (EFP)
Provides working capital and accounts receivable financing in amounts of up to $350,000 for beginning or expanding small businesses.
PENNSYLVANIA MINORITY BUSINESS DEVELOPMENT AUTHORITY (PMBDA)
Provides low-interest loan financing to businesses owned and operated by ethnic minorities.
PENNSYLVANIA COMMUNITY DEVELOPMENT BANK (PCD BANK)
Provides debt financing for Community Development Financial Institutions (CDFIs). Public funds (25%) are matched with private sector funds (75%) to create a loan pool for eligible CDFIs.
PENNSYLVANIA INFRASTRUCTURE INVESTMENT AUTHORITY (PENNVEST)
Provides low-interest loans for the design, engineering and construction of publicly and privately owned drinking water distribution and treatment facilities, storm water conveyance, and wastewater treatment and collection systems.
UNDERGROUND STORAGE TANK UPGRADE LOAN PROGRAM (USTLP)
Provides low-interest loan financing to business owners of regulated underground storage tanks to meet federal Environmental Protection Agency (EPA) upgrade requirements.
COMMUNITY ECONOMIC DEVELOPMENT LOAN PROGRAM (CED)
Provides low-interest loans for projects in distressed communities, stimulating self-help initiatives and helping people build assets at the individual, family and community levels.
POLLUTION PREVENTION ASSISTANCE ACCOUNT (PPAA)
Provides assistance for small businesses to implement pollution prevention and energy-efficiency projects, enabling these businesses to adopt or install equipment or processes that reduce pollution or energy use.
LOAN GUARANTEES
PENNSYLVANIA CAPITAL ACCESSS PROGRAM (PennCAP)
Provides a loan guarantee through participating banks. Guarantees can be used to support a wide variety of business purposes.
TAX CREDITS/ABATEMENTS
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.
ENTERPRISE ZONE TAX CREDITS
Provides tax credits to employers located in enterprise zones.
LOCAL ECONOMIC REVITALIZATION TAX ASSISTANCE ACT (LERTA)
Provides local municipalities, school districts and counties abatements on property taxes for up to 10 years.
RESEARCH AND DEVELOPMENT TAX CREDIT
Provides employers qualifying for the federal R&D tax credit a tax credit for up to 10 percent for new research and development investments in Pennsylvania.
KEYSTONE OPPORTUNITY ZONES
Provides tax abatements to designated state and local zones; designed to stimulate job creation and community renewal in some of Pennsylvania's challenged communities. http://koz.inventpa.com.
GRANTS
OPPORTUNITY GRANT PROGRAM
Provides grant funds to create or preserve jobs within the Commonwealth.
INFRASTRUCTURE DEVELOPMENT PRPGRAM (IDP)
Provides grant and low-interest loan financing for public and private infrastructure improvements.
RAIL FREIGHT ASSISTANCE
Provides grants to build or repair rail lines and spurs.
BOND FINANCING
The Pennsylvania Economic Development Financing Authority (PEDFA) serves as an issuer of tax-exempt and taxable bonds, both in pooled transactions and stand-alone transitions. Bond funds are loaned to businesses and can be used to finance land, building, equipment, working capital and refinancing. Additional information on PEDFA programs and applications can be obtained through the Middle Monongahela Industrial Development Association at www.mmida.com or by contacting the Washington County Industrial Development Authority at (724) 229-8848.
PEDFA BOND FINANCING TAX-EXEMPT
Eligibility: Manufacturing, Nonprofit, Energy, Solid Waste Disposal and Transportation Facilities.
Eligibility Uses: Land and building (acquisition, construction & renovation); machinery & equipment (purchases/installation); designated infrastructure; and tax-exempt bond refunding.
Amounts: Loans no less than $400,000 and no more than $10,000,000 for manufacturers. No upper limit for other projects. Covers up to 100% of project cost.
Terms and Conditions: Set at 85% of prime interest rate—weekly variable interest rate tied to market for tax-exempt bonds. Up to 30-year term. Borrower must secure letter of credit from bank.
PEDFA BOND FINANCING TAXABLE
Eligibility: All types of businesses needing access to low-cost capital.
Eligibility Uses: Land and building (acquisition, construction & renovation); machinery & equipment (purchases/installation); designated infrastructure; refinancing; and working capital.
Amounts: Loans no less than $400,000; up to 100% project cost.
Terms and Conditions: Set at 95% to 100% of prime-weekly variable interest rate tied to market. Term based on negotiated letter of credit. Borrower must secure letter of credit from bank. |
