Economic Development Zones
There are numerous benefits available to businesses locating to an economic development zone. Each zone has a set of unique benefits for businesses.
- Businesses in the Enterprise Zone are eligible to apply for low-interest rate financing through CREDC’s new Enterprise Zone Loan Fund. The maximum loan amount is $500,000, or 30% of your total project cost; whichever is lower.
- Reduced interest rate on loans through the Pennsylvania Department of Community and Economic Development.
- Pennsylvania Tax Credits are available for qualified businesses improving property in an Enterprise Zone. Up to 20% of an on-site investment can be recovered in the form of PA corporate net income (CNI) tax credits.
- Enterprise Zone businesses and locations may receive special consideration from numerous other Commonwealth programs, such as when bidding on a Commonwealth contract or cleaning up an environmentally contaminated site.
- Tax Abatement
- Local Real Estate Taxes
- Corporate Net Income Tax
- Mercantile Taxes
- Priority consideration for resources available from the Department of Community and Economic Development
- The Keystone Innovation Zone is a bridge between innovation and industry. Through this program businesses can connect with a number of local colleges and universities to help develop new ideas. The program also has partnered with a number of other organizations to encourage business innovation.
If your company decides to expand or relocate within our Economic Development Zones, you may also be eligible to receive technical assistance from many firms in our region. For more details and specific applicability to your project or business, please contact our Economic Development Specialist, Shaun Donovan at (717) 213-5033.