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Attracting Quality Employers to Northeastern Pennsylvania!

Financial Resources & Incentives

The Penn’s Northeast region, along with the Commonwealth of Pennsylvania, wants to make it easy for businesses to establish operation in our area. That’s why local and state governments have created dozens of programs to help businesses not only find funding but also succeed after their doors open.  Our region offers a wide range of tax credits, grants and loan opportunities that can assist almost every type of business. To find a program to help your business visit the Pennsylvania Department of Economic Development's website.

 

Some of our most popular programs include tax exempt locations, credits for creating jobs in our area, low interest loans and abatements to make building improvements.

 

State

Keystone Opportunity Zones (KOZ)and Keystone Opportunity Expansion Zones (KOEZ)

Businesses located in these designated zones receive abatement from certain state and local taxes including  local real estate taxes and gross receipts taxes, as well as Pennsylvania's capital stock and franchise tax and corporate net income tax.

 
Job Creation Tax Credits (JCTC)

The Job Creation Tax Credit (JCTC) Program offers a $1,000 state tax credit per new full-time job per year to employers who demonstrate effective development or deployment of leading technologies in business operations. Businesses must create at least 25 new full-time jobs or expand their existing workforce by at least 20% within three years of approval. Tax credits will not be applied until the workforce increase requirement has been met.

 

In order to count as a full-time employee under the JCTC program, new employees must earn an average of 150% of the federal minimum wage, excluding benefits. The credit may be utilized to pay a number of state business taxes. At least 25% of all available tax credits will be awarded every year to businesses that employ 100 or fewer employees. An eligible business must agree to maintain its operation in Pennsylvania for a minimum period of five years from the start date of approval.

 
Pennsylvania Industrial Development Authority (PIDA)

Low-interest loan financing through Industrial Development Corporations for land and building acquisition, construction and renovation, resulting in the creation or retention of jobs.

 
Small Business First (SBF)

Funding for small businesses, including low-interest loan financing for land and building acquisition and construction; machinery and equipment purchases and working capital.

 
Ben Franklin Technology Partners 

Provides funding, business and technical expertise and access to a network of innovative, expert resources to both early-stage and established companies.

 

Pennsylvania Economic Development Financing Authority (PEDFA) Tax Exempt Bond Program

Tax-exempt and taxable bonds, both in pooled transactions and stand-alone transactions, to be used to finance land, building, equipment, working capital and refinancings.

Regional

Ben Franklin Technology Partners 

Provides funding, business and technical expertise and access to a network of innovative, expert resources to both early-stage and established companies. 

 
NEPA Loans

NEPA Loans are loans created for for-profit businesses  in  Northeastern Pennsylvania with an emphasis on manufacturing and industrial business. These loans help businesses that will create more jobs in our area.

 
SBA 504 Loans 

Business owners can receive long term, fixed-rate financing at reasonable interests rates with SBA Loans. Equity is typically limited to 10%.

 
Small Business Loan Programs- MetroAction

MetroAction specializes in working with people who cannot borrow from a bank due to lack of business experience, credit history or insufficient collateral.

County

Land Development and Construction Fee Waiver Program

A job-creation incentive program targeted toward businesses looking to expand or relocate operations in Lackawanna County. The County will reimburse a portion or all municipal fees and construction permit expenses for businesses creating ten permanent, full-time jobs in Lackawanna County.

 
Luzerne County's Business Development Loan Program

The goal of Luzerne County’s Business Development Program is to create improved employment opportunities while strengthening our labor market through job training opportunities.
 

In order to receive a loan under this program, the business must demonstrate a positive direct impact on the community in which it is located, on residents of that community, or on the local and/or regional economy. The applicant must demonstrate the need for assistance through the program and commit to creating employment opportunities that meet the job creation incentives.
 

Loan funds are available for eligible businesses at an interest rate of 1.5% for terms of 7 or 15 years. The County can finance up to 50% of the eligible project costs. Monthly repayments of principal will be required for the term of the loan. County funds will be secured by a letter of credit from a financial institution. Funding will be provided for land and/or business acquisition, construction/renovation activities, purchase of machinery and equipment, and professional and financial fees. Funding may also be obtained for working capital by manufacturing firms. To view the details of the program or for more information, please visit www.luzernecounty.org.


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