Business Financing Through the CCIDC
To promote the growth and development of business within Centre County, the CCIDC offers a multitude of financing options. From life-sciences to land and building acquisitions, no matter the need, the CCIDC will identify, facilitate, and manage programs and resources available to your business. These may be local, regional, State or Federal. To learn more about these options, please contact us or call (814) 235-1666.
Centre County Industrial Development Corporation’s Revolving Loan Fund Program: Our Revolving Loan Fund Program provides funding for projects that may not be eligible for traditional funding by partnering with other public and private funding sources. Eligible applicants are companies located or willing to locate in Centre County with majority ownership by a U. S. citizen and engaged in employment producing projects. Funding is for acquisition of land/buildings, rehabilitation, leasehold improvements, machinery/equipment or working capital. Collateral may include a lien position on real estate, equipment and/or personal guarantee from the principal(s). Maximum Loan amounts are typically $100,000 with terms not exceeding 10 years determined by the useful life of the asset held as collateral. For additional information, please contact Mary Resides at (814) 235-1666.
TTY/TTD Only: Use PA Relay 7-1-1
The Centre County Industrial Development Corporation is an Equal Opportunity Provider and Employer. In accordance with Federal law and U. S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability. (Not all prohibited bases apply to all programs.) To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD)
Pennsylvania Business Assistance Programs
Information about Pennsylvania Business Assistance Programs and their guidelines may be found at www.newPA.com. Below is an overview of some available programs.
Funding Assistance for acquisition of land or buildings, construction, renovations, expansions:
PA Economic Development Financing Authority Taxable & Exempt (PEDFA): Loans through bond issues for business development projects requiring a minimum of $400,000 can cover 100% of project costs. Eligible applicants include: any type of business eligible for taxable funding; non-taxable funding for manufacturing, non-profits, energy-related, solid waste disposal, wastewater treatment, transportation facilities, and assisted living/housing facilities. Tax-exempt funding may be used for land/building acquisition, building renovations/new construction, machinery/equipment, designated infrastructure, working capital and tax-exempt bond refinancing. Taxable funding may be used for all the above, with exception of tax-exempt bond refinancing and working capital. For additional information, please contact us at (814) 235-1666.
PA Industrial Development Authority (PIDA): Up to $2 million ($2.25 million for projects within state designated Enterprise Zones, Act 47 Brownfield Sites and Keystone Opportunity Zones) for 30%-70% of total eligible project costs, depending upon firm size and unemployment rate of the area. Eligible projects include industrial development projects, manufacturing, research/development, agricultural processors, firms establishing a national/regional headquarters and computer/clerical operations centers. Funding is for land/building acquisitions, building construction and renovations. Disbursement to the applicant is based on reimbursable expenses. One job must be created or retained for every $35,000 borrowed. There is no cost per job requirement on industrial park or multi-tenant projects. For current rates, additional questions or to apply, please contact us at (814) 235-1666.
For companies with 100 or fewer employees:
Small Business First (SBF): Provides low-interest loans to promote growth of small manufacturing, industrial, agriculture enterprises, mining enterprises, export-related business, advanced technology and computer related services, hotels, motels, restaurants, commercial recyclers and defense-related companies. Funding is available for up to $200,000 or 50% of total eligible project costs; whichever is less, for land/building acquisition/construction and machinery/equipment purchase; $100,000 or 50% of total eligible project costs; whichever is less, for working capital. Visit www.newPA.com for current rates.
For Agriculture and Tourism:
First Industries Fund (FIF): Up to $5 million or 40% of total eligible project costs, whichever is less for loans to promote for-profit agriculture and tourism industries.
Funding Assistance for acquisition of Machinery and Equipment:
PA Economic Development Financing Authority Taxable & Exempt (PEDFA) - see above
PA Industrial Development Authority (PIDA) - see above
Small Business First (SBF) - see above
First Industries Fund (FIF) - see above
Machinery and Equipment Loan Fund (MELF): Provides up to $5 million or 50% of total eligible project costs, whichever is less, for machinery and equipment funding to manufacturing, industrial, agriculture, direct mining operations, licensed hospitals, and information/biotechnology companies for purchase of new or used machinery/equipment, upgrade and installation. Visit www.newPA.com or call (866) 466-3972 to check on current interest rates.
Assistance for Job Creators:
Guaranteed Free Training Program (WedNetPA):Grant funding for basic skills (up to $450 per trainee/$75,000 per company) and advanced information technology (up to $850 per trainee/$50,000 per company), to manufacturing, technology or other Pennsylvania businesses except point-of-sale retail. Trainees must be PA residents, work in PA and earn more than 150% of the minimum wage. Grants are funded through the WedNetPA training consortium. Visit www.wednetPA.com for the WedNet partner near you.
For companies with 100 or fewer employees:
Job Creation Tax Credit (JCTC): Tax credits for creating new jobs for approved businesses. Businesses creating at least 25 new jobs or increasing their existing workforce by 20% receive $1,000 for every job created within 3 years. 25% of the tax credits allocated each year must go to businesses with fewer than 100 employees.
Programs for Assistance in Exporting, Technical Manufacturing and Start Ups/Early Stage:
Export Financing Program: Up to $350,000 or 50% of total project costs for working capital, or 85% of total project costs for accounts receivables to encourage exportation of Pennsylvania products or services internationally by providing loans to for-profit businesses with less than 250 employees. Visit www.newPA.com for current interest rates.
Industrial Resource Centers (IRC): Regional centers provide technical assistance to small and medium-sized manufacturers in Pennsylvania including: market analysis/development, strategic planning, product development assistance, planning/inventory control, lean manufacturing, supply chain development, training/workforce development. Centers may provide subsidies and loans for process improvement, training and product innovations. THe Industrial Modernization Center in Williamsport, with an office in State college, services Centre County. Additioanl information may be found at www.imcpa.com .
Life Science Greenhouses: (For start ups, early stage Technology, and early stage Life Sciences) The Pennsylvania LIfe Sciences Greenhouse initiative provides seed and pre-seed science funding and connections to angel investors, strategic partners and resources and high-level life science consulting experties for healthcare technology companies. For additional information, visit www.lsgpa.com .