Building and expansion: state resources Featured

9:53am EDT July 22, 2002

Pennsylvania Community Development Bank

Provides loan capital and building grants for community development lending. PCDB is not chartered by the Pennsylvania Department of Banking. Loans are provided through Community Development Financial Institutions for expansions, start-ups, nonprofit facilities and micro-enterprises.

Customized Job Training

Provides up to 100 percent of costs for new job creation and up to 70 percent for retention programs and training upgrades.

Industrial Sites Reuse Program

Offers grants and low-interest loans of up to $200,000 for environmental site assessment and $1 million for remediation at former industrial sites. A 25 percent funding match is required. Designed for companies, public and private nonprofit entities and municipalities.

Infrastructure Development Program

Provides low-interest loans and grants for infrastructure improvements for business expansion. Also provides funds for redevelopment of industrial sites that have been idle for longer than six months. A 2-1 private-to-public match is required.

Job Creation Tax Credits

Gives tax credits to businesses that create 25 or more jobs or new jobs equaling 20 percent of an employer’s work force in the next three years.

Machinery and Equipment Loan Fund

Provides low-interest loans to companies buying and/or installing new or used equipment.

Neighborhood Assistance Program

Tax credit plan designed to foster the donation of business capital that can be used to service impoverished neighborhoods. Businesses can receive a 50 percent tax credit for their contribution.

Pennsylvania Economic Development Authority

Provides access to capital through the state’s selling of bond issues. Proceeds are distributed as loans. Any business, with few exceptions, is eligible. The business may or may not be tax exempt depending on business’s nature.

Pennsylvania Capital Access Program

Provides loan guarantees to small business. All Pennsylvania businesses are eligible.

Small Business First Export Financing Loan Program

Gives low-interest loans for working capital to businesses of 250 employees or fewer that export their products or services.

Pennsylvania Minority Business Development Authority

Provides low-interest loans for minority businesses. A 25 percent private sector match is required.

Underground Storage Tank Upgrade Loan Program

Assists owners of underground storage tanks in upgrading to meet EPA standards.

Source: Indiana County Chamber of Commerce