Eligibility: Small business (100 employees or less) which are agricultural enterprises, industrial, manufacturing, export service enterprises, mining enterprises, certain hotels, motels or restaurants.
Eligible uses: Land and building acquisition and construction. Machinery and equipment purchases and upgrades. Working capital. Environmental compliance with environmental regulations, compliance with municipal or commercial recycling, financing for defense conversion.
Amounts: Loans up to $200,000 or 50 percent of total eligible project costs, whichever is less. Maximum loan amount for working capital is $100,000.
Terms/conditions: 4.75 percent interest rate, $35,000 cost per job retained or created.
Read more and download guidelines: http://www.inventpa.com/default.aspx?id=277
Pennsylvania Economic Development Financing Authority (PEDFA) Tax-Exempt Bond Program
Eligibility: Manufacturing, non-profit, energy, solid waste disposal, wastewater treatment, transportation facilities, assisted living/housing..
Eligible uses: Land and building acquisition, building renovation and new construction, machinery and equipment acquisition and installation, designated infrastructure, tax-exempt bond refunding.
Amounts: Loans no less than $400,000. Up to 100 percent of project costs.
Terms/conditions: 85 percent of prime interest rate. Weekly variable interest rate tied to market for tax-exempt bonds. Up to 30-year term. Borrower generally must secure letter of credit from bank.
Read more: http://www.newpa.com/programDetail.aspx?id=29
Pennsylvania Economic Development Financing Authority (PEDFA) Taxable Bond Program
Eligibility: All types of businesses needing access to low-cost capital.
Eligible uses: Land and building acquisition, building renovation and new construction, machinery and equipment acquisition and installation, designated infrastructure, refinancing, working capital.
Amounts: Loans no less than $400,000. Up to 100 percent of project costs.
Terms/conditions: 95 to 100 percent of prime interest rates. Weekly variable interest rate tied to market for taxable bonds. Term is based upon negotiated letter of credit. Borrower generally must secure letter of credit from bank.
Read more: http://www.newpa.com/programDetail.aspx?id=30
Customized Job Training (CJT)
Eligibility: Manufacturing, industrial, agricultural enterprises, research and development, advanced technology, business service firms (no point of sale/retail).
Eligible uses: Instructional costs, supplies, consumable materials, contracted services, relevant travel costs for instructors.
Amounts: Grants up to 100 percent of the eligible costs for new job creation. Up to 70 percent for job retention. Upgrade training.
Terms/conditions: Must be for actual training.
Read more and download guidelines: http://www.newpa.com/programDetail.aspx?id=65
Opportunity Grant Program
Eligibility: Firms or IDCs and municipalities on behalf of firms that will create or preserve a significant number of jobs within the Commonwealth. Manufacturing, industrial, research and development, agricultural processors, traded services, or firms establishing a national or regional headquarters.
Eligible uses: Job training, infrastructure, land and building improvements, machinery and equipment, working capital, environmental assessment and remediation. Amounts: No minimum or maximum amounts.
Terms/conditions: Projects must offer substantial economic impact either for the Commonwealth as a whole or for the locality or region in which the company will locate. 4:1 private sector match required.
Read more: http://www.newpa.com/programDetail.aspx?id=41
Industrial Sites Reuse Program
Eligibility: Public and private nonprofit economic development entities and companies involved in reuse of former industrial land.
Eligible uses: Phase I, II and III environmental assessments. Remediation of hazardous substances.
Amounts: Grants and loans up to $200,000 for environmental assessments. $1 million for remediation.
Terms/conditions: Interest rates of 2 percent, Terms up to 5 years for assessments and 15 years for remediation projects, a 25 percent match is required for grant and loan projects.
Read more and download guidelines: http://www.newpa.com/programDetail.aspx?id=25
Job Creation Tax Credits
Eligibility: Approved businesses that agree to create new jobs in the Commonwealth within 3 years.
Eligible uses: Must create at least 25 new jobs or new jobs equaling at least 20 percent of the existing work force.
Amounts: $1,000 per job tax credit to approved businesses that agree to create jobs within three years. 25 percent of the tax credits allowed each year must go to businesses with fewer than 26 employees.
Terms/conditions: The tax credits may not be utilized by a business until the jobs are actually created.
Read more: http://www.newpa.com/programDetail.aspx?id=63
Infrastructure Development Program (IDP)
Eligibility: Manufacturing, industrial, research and development, agricultural processors, traded services, firms establishing a national or regional headquarters, or private real-estate developers who are developing business sites.
Eligible Uses: Transportation facilities, clearing and preparation of land and environmental remediation, water and sewer systems, energy facilities, parking lots, storm sewers, bridges, rail facilities, port facilities, or at formal industrial sites only: land and building acquisition, construction and renovation by private developers.
Amounts: Loans and grants up to $1.25 million. No more than 20% of the annual appropriation for a single municipality.
Terms/conditions: Grants for public infrastructure. Loans to private businesses. Up to 15-year term. 2:1 private to public match required. $25,000 cost per job created within five years.
Read more and download guidelines:
http://www.newpa.com/programDetail.aspx?id=26
Community Economic Development Loan Program
Eligibility: Borrower must be a for-profit small business enterprise with 100 or less employees and located within a distressed community. Preference for loan awards will be given to small business enterprises owned by socially or economically disadvantaged individuals.
Eligible Uses: Most legitimate business costs are eligible for funding.
Amounts: Maximum loan amount is $200,000. It is anticipated that most loans will be less than $100,000. These loans may be matched with funds made available through the Pennsylvania Community Development Bank. Interest rate will be 2 percent per annum.
Terms/conditions: Loan terms and other conditions of lending are negotiable. The purpose of the program is to develop a financing vehicle that meets the borrower's particular financial and business conditions.
Read more and download guidelines: http://www.newpa.com/programDetail.aspx?id=27
Small Business Administration loans
The SBA offers numerous loan programs to assist small businesses. It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other institutions.
Basic 7(a) Loan Guaranty
Function: Serves as the SBA’s primary business loan program to help qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels. It is also the agency’s most flexible business loan program, since financing under this program can be guaranteed for a variety of general business purposes. Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions). Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets.
Customer: Start-up and existing small businesses, commercial lending institutions
Delivered through: Commercial lending institutions
For more information:
http://www.sba.gov/financing/
The Progress Fund
Eligibility: The loan program is targeted toward businesses that provide services and/or products to tourists. Recipients have included businesses that provide accommodations, food and fun; and those that reuse and preserve historic sites. We strongly prefer businesses that: 1) create jobs; 2) are located in distressed parts of rural Southwestern Pennsylvania; and 3) can meet repayment terms.
Use of Funds: The Fund's loans can be used to: Purchase property, including historic property, for business use Restore and rehabilitate existing structures Purchase equipment, furnishings and inventory Provide working capital Supplement other business loans, with approval of the other lenderFinancing is not available to retire existing debt.
Interest Rate: Interest rates depend on the risk level of the business. Rates may be fixed or variable and priced above the U.S. Treasury yield for the corresponding term.
Loan Terms: Minimum loan: $20,000; Largest approved loan: $250,000 Typical duration: 5 to 10 years
Collateral: Depending on the level of participation of other lenders, if any, the Fund secures its loans with real estate, fixed assets, inventories, receivables, and, in some cases, personal assets.
General Conditions: At a minimum, the Fund will require the borrower to provide a business plan, financial statements, sales projections, tax returns and personal financial information may be required of principals. For real estate, an appraisal and title review may be necessary.
For more information:
http://www.progressfund.org
