Incentives: Financing Options
PIDA provides low-interest financing on land and building acquisition; building construction and renovation; industrial park development; multi-tenant spec building construction, acquisition and renovation. Loans up to $2 million at a interest rate of 2.25%. Interested applicants should contact PMEDC directly at (570) 839-1992.
Building PA provides funding for the development of real estate assets within the Commonwealth. Funds will be loaned to experienced private sector real estate funds that will raise matching funds and invest in projects throughout the Commonwealth. PMEDC has been approved as a fund manager for the Building PA program. Contact Dennis Noonan at PMEDC for more information.
Agriculture and tourism are two of Pennsylvania’s largest industry segments. Historically, the Commonwealth has provided little in the way of financial incentives to owners of tourism-related businesses or assisted farmers with their capitalization or working capital needs. First Industries provides grants and low-interest loans for these important industry sectors.
A comprehensive funding tool to facilitate increased investment and job creation within the Commonwealth.
Keystone Innovation Zones
Keystone Innovation Zones (KIZs) are designated zones that may be established in communities that host institutions of higher education. These zones are designed to foster innovation and create entrepreneurial opportunities. By bringing together education, community and economic development initiatives, local municipalities and businesses can focus on creating an environment to support company growth and formation.
Click here to find information on the Pocono Mountains KIZ
Research and new product development are cornerstones to broader economic growth. From manufacturing to drug discovery, the Commonwealth can be an active agent in stimulating both academic and private research as well as moving the fruits of that research into the marketplace. The increase of the R&D tax credit to $30 million from $15 million and allowing credits to be traded will help.
The Machinery and Equipment Loan Fund (MELF) Machinery and equipment acquisition and upgrading and related engineering and installation costs directly related to the business process. Manufacturing, industrial, agricultural processors, direct mining operations, information technology , biotechnology and medical facilities. A medical facility may only use MELF funds for the acquisition and installation of equipment and technology necessary to comply with FDA requirements regarding pharmaceutical management.
Small Business First (SBF) program provides low-interest loan financing for land and building acquisition and construction, machinery and equipment purchases and working capital. Small businesses with 100 employees or less are eligible from the following sectors: manufacturing, industrial, agricultural enterprises, mining enterprises, export-related, advanced technology, computer-related services, hotels, motels, or restaurants, environmental compliance/pollution prevention, municipal or commercial recyclers and defense-related.
Monroe County Revolving Loan Fund
Monroe County has created an industrial/business revolving loan fund administered through PMEDC and the Redevelopment Authority of the County of Monroe to provide low-interest, partial financing for eligible businesses and industries in designated portions of the county. The program can fund machinery or equipment, working capital, product development and pollution control equipment. Other uses can be considered on a case by case basis. The maximum loan amount is $100,000. Contact PMEDC directly for details on this program.
Click here to download the MCRLF Program Guidelines
For a complete listing of business financing programs or to access the Single Application for Assistance, please visit the Department of Community and Economic Development website at www.newPA.com, or call 1-866-GO-NEWPA (1-866-466-3972).