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Financial Incentives

Does your business need capital? The Pike County Economic Development Authority’s professional staff is well versed in the multitude of economic development financing programs and incentives. With basic information on the project or need, our staff can direct you to the appropriate programs. We work with programs offered at the federal, state, regional and local level.

The following programs are available at the local level:

IDB – the Industrial Development Bond program can assist 501c3 non-profits and manufacturers with capital projects. The program provides borrowers with lower interest rates because of its tax free status to the lender.

PIDA – the Pennsylvania Industrial Development Authority program can assist manufacturers, industrial enterprises and headquarters operations with low interest financing for a portion of the project based on the scope of the project and projected employment. Applicants must apply locally to the Pike County Business Development Corporation in order to be considered by the Commonwealth. Eligible projects can be renovation, construction, or site purchase.

PEDFA – the Pennsylvania Economic Development Finance Authority program is a bond funding program which can finance up to 100% of the project cost for any morally acceptable industry. A letter of credit is required. Borrowers must apply to the local economic development organization in order to be considered by the Commonwealth.

SBA 504 – the SBA 504 program is the only direct lending program offered by the Small Business Administration. The Pike County Business Development Corporation has established a working relationship with a certified development company to facilitate loans for projects in Pike County. This program funds a portion of the project at a traditionally lower fixed interest rate, for up to 20 years on land and building projects or less on machinery and equipment.

Grant administration

Monroe County Local Share – Projects in counties contiguous to Monroe County can apply for grants annually. Applications must go through an economic development authority or municipality to be considered by the Commonwealth. Applications can be submitted between July 1st and September 30th.

RCAP – The Redevelopment Capital Assistance Program is a grant program offered by the Commonwealth. In order to access this program, a state appropriation must be submitted by a legislator. Economic development authorities are eligible to facilitate funding through this program for area projects.

The following partnering organizations offer the programs listed below:

NEPA - The Northeast Pennsylvania Alliance is the regional Local Development District & Area Loan Organization. Several funding sources are facilitated through NEPA including:

SBF - Small Business First can finance a portion of the project, based on the scope and projected employment, at an attractive low interest rate. Eligible industries include hospitality (if in business 5 years although not necessarily under the same ownership), construction, child care centers, manufacturing, research & development, defense conversion, recycling, agricultural, industrial or certain types of computer related enterprises. Applications must be submitted through NEPA to be considered by the Commonwealth.

First Industries is a program offering loans, loan guarantees and on a limited basis grants for construction, renovations or machinery for the agricultural or tourism industries. The project scope and employment projections are integral to the amount and type of funding available through this program. Applications must be submitted through NEPA to be considered by the Commonwealth.

EDA - The US Economic Development Administration offers grants for economic development and infrastructure projects that will be publicly owned and maintained and fall into the community development needs as outlined in the Comprehensive Economic Development Strategy for the NEPA region.

ARC Loan – For profit businesses can apply for low interest financing through this program. The manufacturing and industrial industries are the primary focus of the program. The amount of funding available depends on job creation and the scope of the project. Funds can be used for working capital, site acquisition and construction/renovations, or machinery and equipment.

ARC - The Appalachian Regional Commission provides grants for non-profit or government entities to further the goals of the ARC which exists to increase the economic vitality of Appalachia. Up to 50% of eligible project costs can be obtained. More information can be obtained on the NEPA website at www.nepa-alliance.org/regional/ARC.html.

Microloans are also available in amounts typically under $35,000.

MetroAction is a community development lender offering microloans to businesses that are typically unable to obtain bank financing. Loans can range in size from $250-$75,000. Collateral can be non-traditional.

Building PA is a mezzanine financing tool available locally through Pocono Mountains Industries. Applications must be submitted through PMI in order to be considered by the Commonwealth.

USDA - The US Department of Agriculture offers a multitude of programs for economic and community development projects. For more detailed information on programs offered by USDA see their website at www.rurdev.usda.gov/Home.html.

RBEG - Rural Business Enterprise Grants are available to local governmental entities and private non-profits. Smaller projects receive priority and grant awards fall into the range of $10,000 to $500,000. Projects must support small and emerging private businesses.

Community Facility Grants can be used for the development of essential community facilities. Awards can be made for up to 75% of project costs but are also based on local demographics with prioritization to smaller and low-income communities.

B&I – Business and Industry Guaranteed Loans provide tiered guarantees to qualifying loans based on the size of the loan. Generally, loans must be under $10 million. Use of the funds can vary. Rates are negotiated with the lender. Terms are dependent on the use.

REAP – Rural Energy for America Guaranteed Loan Program is designed to stimulate the use of renewable energy by guaranteeing loans for renewable energy or energy efficiency projects. The percentage of the guarantee is tiered based upon the size of the project. Fees, rates and terms are negotiated with the lender.

DCED – the Pennsylvania Department of Community and Economic Development offers a myriad of programs for business and community development. Comprehensive information on all DCED programs is available at www.newpa.com.

MELF - The Machinery & Equipment Loan Fund offers low interest financing based on the scope and employment projections for the purchase of machinery and equipment for use in the agricultural, mining, industrial, manufacturing, hospital, information technology, or biotechnology industries.

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MEETING SCHEDULE
PIKE COUNTY ECONOMIC DEVELOPMENT AUTHORITY
2015
Meeting Dates Read More.>