Pennsylvania has all the elements in place to give businesses and their employees the tools they need to succeed in today's fast-paced, increasingly competitive economy. The Greater Wilkes-Barre Chamber of Business & Industry understands that incentives play a vital role in helping a company make a decision about our area.
There are numerous federal, state and local grants, loans and training programs available. Our staff is knowledgeable, experienced and ready to assist your company. Our area offers some incentive programs that are not available anywhere else in the state – giving the Greater Wilkes-Barre area a competitive advantage.
The following is a list of the programs most commonly used in Pennsylvania by growing businesses.
Job Creation Tax Credits (JCTC)
This state program offers employers a $1,000 tax credit per full-time job, per year. A business may claim credits only after a job has been created. Jobs must be created within three years from the start date and all tax credits must be claimed within five years from receipt of the tax credit certificate.
To be counted as new full-time employees under the JCTC program, new employees must earn an average hourly rate of at least 150% of the federal minimum wage, excluding benefits. Click here for more information.
Keystone Opportunity Zones (KOZ)
Eligible businesses that move into a KOZ are exempt from paying a variety of state and local taxes including local real estate taxes and gross receipts taxes, as well as Pennsylvania's capital stock and franchise tax and corporate net income tax, through 2010. To search for KOZ properties, click here.
Pennsylvania Economic Development Financing Authority (PEDFA) - Tax-Exempt Bond Program
Pennsylvania Economic Development Financing Authority (PEDFA) -Taxable Bond Program
Tax-exempt and taxable bonds, both in pooled transactions and as stand-alone transactions, can be used to finance land, building, equipment, working capital and refinancing. PEDFA can finance up to 100% of eligible project costs, provided the borrower obtains a letter of credit from a local bank equal to the amount of the bond. Interest rates for tax-free loans are substantially lower than U.S.prime and are weekly variable. One full-time job must be created or retained for every $50,000 borrowed.
Pennsylvania Industrial Development Authority (PIDA)
Low-interest loan financing through Industrial Development Corporations for land and building acquisition, construction and renovation, resulting in the creation or retention of jobs. PIDA rates can be as low as 3% interest and are fixed for the entire term of the loan, which can not exceed 15 years. PIDA will finance up to 40% of the total real estate project cost (up to 50% in certain circumstances) with a maximum loan amount of $2,000,000. PIDA will lend up to$2,250,000 to companies located in certain distressed communities or special development zones. A company that benefits from a PIDA loan must create and/or retain one full-time job for every $35,000 borrowed. Eligible companies include manufacturers, distributors, most other industrial companies and certain large office companies. Retail and most commercial businesses are ineligible. Click here for more information.
Small Business Loan Programs- MetroAction
MetroAction specializes in working with people who cannot borrow from a bank due to lack of business experience, credit history or insufficient collateral.