Fayette County Wants Your Business!

 

Fayette County offers a number of business incentives on a discretionary basis to attract or retain business operations.  Many of these are briefly described here with links to more detailed information.  Lori Scott can answer your questions at 724.437.7913 or loris@faypenn.org.

 

Grants and Loans

Bridgeway Capital:

Fayette County Industrial Development Authority (IDA):  Locally administered Pennsylvania Department of Community and Economic Development tax exempt financing program.  Ernie DeHaas can answer your questions at 724.439.3900 or epd@rightlawfirm.com.

Manufacturers Economic Development Financing Associates (MEDFAS):  US Treasury program that provides tax exempt financing to fund expansion projects.

Pennsylvania First (PA First)Grant/loan/loan guarantee program for machinery/equipment; job training; infrastructure; land and building improvements; environmental assessment/remediation; acquisition of land, buildings, and right-of-ways; working capital; and site preparation, demolition, and clearance.

Redevelopment Assistance Capital Program (RACP):  Pennsylvania grant program for the construction or acquisition of regional economic, cultural, civic, recreational, and historical improvement projects.  Projects must generate substantial increases or maintain current levels of employment, tax revenues, or other measures of economic activity.

SBA 504 and other Small Business Lenders:

Uniontown Downtown Business District Authority:

 

Investment Capital

Birchmere:

Idea Foundry:  Organization that provides financial support, experienced mentors and a process and tools to help develop business models in Southwestern PA.

Innovation Works (Ben Franklin Technology Partner of Southwest PA):   Pennsylvania-funded organization that provides direct investments and business expertise to technology entrepreneurs, researchers and small manufacturers.

Pennsylvania Angel Network (PAN):  A coalition of approximately 20 Angel groups throughout the Commonwealth that create an investment eco-system with angels, early stage venture firms, service providers, economic development organizations, tech transfer centers, and higher education institutions that provide resources and support to entrepreneurs.

Pittsburgh Life Sciences Greenhouse (PLSG):  Investment firm provides capital, resources and tools to entrepreneurial life sciences enterprises in western Pennsylvania.

 

Tax Relief

Job Creation Tax Credit (JCTC):   Pennsylvania $1,000-per-job tax credit to companies who create new jobs within three years.  Tax credits can be used to offset various Pennsylvania business tax liabilities.

Keystone Opportunity Zone (KOZ/KOEZ/KOIZ):  A wide variety of Pennsylvania and Local tax credits, waivers, and broad-based abatements for companies located in designated areas.  Fayette County KOZs are described here.

Keystone Innovation Zone (KIZ):   Pennsylvania tax credit program to companies less than eight years old, operating within specific targeted industries, and located in designated areas.

Keystone Special Development Zone (KSDZ):  Pennsylvania $2100-per-job tax credit to companies who create jobs when revitalizing abandoned or deteriorated commercial and industrial sites.

Local Economic Revitalization Tax Assistance (LERTA):  Local taxing authorities (city, county, borough, incorporated town, township, institutional district or school district) provide tax exemption for new construction in deteriorated areas, and for improvements to certain industrial, commercial and other business properties to enable use of those properties for commercial, industrial and other business purposes.  Property improvements eligible for exemption include repairs, construction or reconstruction (including alterations and additions), rehabilitating a deteriorated property to make it habitable or to attain a higher standard of safety Improvements required to alleviate health concerns, and economic use or amenity improvements necessary to comply with laws, ordinances or regulations governing such standards.

Research and Development Tax Credit Assignment Program:  Pennsylvania tax credit for companies incurring qualified expenses for research and development.

US R&D Tax Credit (Code of Federal Regulations Section 41, Title 26: Internal Revenue -- Chapter 1: Internal Revenue Service, Department of the Treasury -- Subchapter A: Income Tax -- Part 1: Income Tax -- Section 1.41: Credit for Increasing Research Activities)Tax credit given to companies who create new or improve existing functionality, performance, reliability, or quality of a business component. A business component is defined as any product, process, technique, invention, formula, or computer software intended for sale, lease, license, or actual use in the trade or business.

 

Technical Assistance

PennTAP:

St. Vincent Small Business Development Center:

SCORE:

Southwestern Pennsylvania Commission:

U.S. Small Business Administration: Loans, loan guarantees, contracts, counseling and other forms of assistance to small businesses.

 

Workforce Support

Pennsylvania CareerLink:

Pennsylvania On-The-Job Training (OJT)Wage reimbursement to companies training new employees.

Pennsylvania Workforce and Economic Development Network (WEDnetPA) Funding to train new or existing employees in essential skills and advanced technology.  Applicable both to in-state businesses and companies relocating to Pennsylvania.

 

US Government Contracting

Historically Underutilized Business Zone (HUBZone):  Designated census tracts that provide specialized access to Federal contracting opportunities.  Qualified areas in Fayette County can be found on the US Small Business Administration website via their map or spreadsheet files linked here.

Small Business Innovation Research grants (SBIR/STTR):  Pennsylvania's Innovation Partnership provides funding and technical assistance to companies pursuing Federal research grants.