There are a wide variety of incentive financing programs available to help a company that leases space at 610 Oak Ridge Road. The following is a sampling of those programs most often used by companies that move into Humboldt.
State Funding Programs
Mericle has worked with the leadership of the Pennsylvania Department of Community and Economic Development and the Governor’s Action Team to help obtain grants and low interest loans for several companies that have relocated into our buildings. We will be pleased to arrange a meeting between representatives of your company and the Governor’s Action Team to discuss the potential availability of incentive funding.
Here are brief descriptions of some of the state grant and low interest loan programs often utilized by eligible growing businesses.
Pennsylvania First Program
The Pennsylvania First Program is a comprehensive funding tool used to enable increased investment and job creation within the Commonwealth. The program assists businesses, municipalities, or IDCs who intend to create or retain a significant number of jobs and make a substantial investment within Pennsylvania. These businesses can receive support in the form of grants, loans and loan guarantees for job training, property acquisition, site preparation, land and building improvements, purchasing or upgrading machinery and equipment, infrastructure, environmental assessments, job training, and working capital.
The program requires participants to commit to operating at the approved project site for a minimum of seven years. Businesses aided by Pennsylvania First must create or retain at least 100 full-time positions, or increase their full-time employment by 20% within the Commonwealth. Full-time employees must earn at least 150% of the federal minimum wage. Other requirements include offering a substantial economic impact for the region and, at the least, matching the Pennsylvania First assistance requested with private investment.
Loan terms can be up to 15 years for real estate and infrastructure and up to 10 years for machinery and equipment. Interest rates will be set at the time of approval and will be based on the 10 year Treasury rate. Those interested in applying can complete the Single Application for Assistance online at dced.pa.gov. Please dced.pa.gov for more requirements and restrictions.
Pennsylvania Economic Development Financing Authority Tax Exempt Bond Program
The Pennsylvania Economic Development Financing Authority (PEDFA) Tax Exempt Bond Program assists in financing land and building acquisition, machinery and equipment acquisition and installation, as well as renovations and new construction.
The loan amount must fall between $400,000 and $10 million (in some cases higher), and may be pooled bond transactions or stand-alone transactions. The loan can be up to a 30-year term. Since 1989, the base interest rate has averaged 46 percent of Prime. The rate is weekly variable and dependent on a variety of market factors. Those eligible for the PEDFA Tax Exempt Bond Program are industries such as manufacturing, energy, solid waste disposal, wastewater treatment, transportation facilities, assisted living/housing, and nonprofit 501(c)(3). Eligible businesses may apply through Industrial Development Authorities and Industrial Development Corporations. Please visit dced.pa.gov for more details.
There are several grant programs available to help you reduce your training costs in Humboldt. Mericle will arrange meetings between your human resources team and the state and local officials who coordinate the following grant programs:
Guaranteed Free Training Program
The Guaranteed Free Training Program provides basic skills and information technology training for eligible employees of expanding businesses. The program can be used towards basic and entry-level skills training and information technology-advanced information technology training. The program is available to Pennsylvania manufacturing and technology-based businesses.
Trainees must be Pennsylvania residents, employed in Pennsylvania, permanent full-time employees, and earn at least 150% of the current federal minimum wage. The program’s basic skills training provides up to $450 per trainee and $75,000 per company. The information technology training provides up to $850 per trainee and $50,000 per company.
Workforce Innovation & Opportunity Act
The Workforce Innovation & Opportunity Act of 2014 (WIOA) is a federal program that reimburses employers for part of the cost of training. Eligible candidates for this program include private and public sector employers and employees. Any employer that trains program-eligible applicants can apply for reimbursement through the WIOA program. Eligible applicants include dislocated workers and unemployed persons.
The WIOA provides funding for job search and placement assistance, skills assessment and evaluation, counseling, training services for individuals and companies, supportive services, and labor marketing information.
Companies can receive reimbursement for up to 50% of wages paid to eligible employees during training and up to actual costs of classroom training and related training support services. Reimbursement varies by local workforce investment area.