homearea mapshelpful linkscontact

Incentives

The FCADC packages and delivers a wide array of economic development incentives designed to enhance the economic well-being of our area. Since 1986, the FCADC has delivered hundreds of millions of dollars of incentives to County employers, resulting in the creation of over 14,000 jobs and the retention of more than 25,000.

State Loan & Grant Programs

Small Business First Fund (SBFF)

This program provides low interest loan financing to small businesses (100 employees or less) for land and building acquisition, construction, machinery and equipment purchases or upgrades, and working capital. The program also provides financing for small businesses that need to come into compliance with environmental regulations or that are involved in municipal or commercial recycling. The maximum loan amount is $200,000. The low interest rate is fixed for the term of the loan.. Companies must agree to create or preserve one job for every $25,000 borrowed as a condition of financing.

First Industries Fund (FIF)

This program provides low interest loan financing to agriculture and tourism based businesses for land and building acquisition/construction, machinery and equipment purchases, and working capital. The maximum loan amount is $200,000. The low interest rate is fixed for the term of the loan. The maximum loan amount for working capital is $100,000. There are no job requirements for the FIF loan program.

Pennsylvania Industrial Development Authority (PIDA)

Established in 1956, PIDA provides direct low-interest loans that assist with the purchase and/or construction of real estate. Within Franklin County, PIDA can finance up to 60% (or $2,000,000, whichever is less) of a total project cost...generally in a second mortgage position... at a low fixed interest rate. The term of a PIDA loan cannot exceed 15 years and there can be no less than a second mortgage on financed assets. Finally, PIDA requires the creation and/or retention of one new full-time equivalent job for every $35,000 borrowed.

*PIDA applications are due by the 1st of each month for consideration by the PIDA Board of Directors on the first Wednesday of the following month.

Pennsylvania Economic Development Financing Authority (PEDFA)

PEDFA is an issuer of tax-exempt and taxable industrial revenue bonds on behalf of for-profit and non-profit businesses and municipalities. The bonds are issued for projects of $400,000 or more. Borrowers of PEDFA financing must provide a credit enhancement, which generally involves a letter-of-credit in the amount of the bond. Since the program's inception in 1989, weekly tax-expempt variable rates have averaged 46% of the prime rate.

Machinery & Equipment Loan Fund (MELF)

Machinery and equipment acquisition and upgrading and related engineering and installation costs directly related to the business process. Manufacturing, industrial, agricultural processors, direct mining operations, information technology, biotechnology and medical facilities. A medical facility may only use MELF funds for the acquisition and installation of equipment and technology necessary to comply with FDA requirements regarding pharmaceutical management. Loans up to $5,000,000 or 50% of the total eligible project costs, whichever is less. Up to 10 year term, depending upon the useful life of the machinery being financed; $25,000 cost per job retained or created; Project must be directly related to the business process.

Opportunity Grant

Opportunity Grants provide grant funds directly to companies that commit to creating or retaining jobs within the Commonwealth. The grants are offered at the sole discretion of the Governor's Action Team and are generally offered to projects that will create a significant economic impact for a community or region. Opportunity Grants can be used to offset project costs, including real estate, machinery and equipment, infrastructure, working capital, job training, etc.

Infrastructure Development Program (IDP)

The IDP program provides grants and loans for infrastructure construction and rehabilitation which is necessary to complement capital investment by private companies and private developers. Grants must be used for eligible public-owned infrastructure improvements that are accessible to more than one user. Individual loans may be used for eligible privately-owned infrastructure improvements. The maximum grant or loan amount is $1,250,000.

Local Loan Program

Franklin County First Fund (FCFF)

The FCFF is a low-interest loan program that is funded and administered by the FCADC and is targeted toward small businesses throughout Franklin County. Qualifying businesses must be for-profit and have 100 or fewer employees. An FCFF loan can finance up to 50% of a total project cost... not to exceed $75,000... 75% of current prime rate or 4%, whichever is greater. (The interest rate cannot be less than 4%.)

FCFF Loan Guaranty Program

The FCFF is a loan guaranty program administered by the FCADC and is targeted toward small business throughout Franklin County. Qualifying businesses must be for-proft and have 100 or fewer employees. An FCFF loan guaranty can support 75% of a commercial lender's risk (up to maximum of $100,000). Applicants apply through their commercial lender of choice. The interest rate on the loan is determined by the lender.