Fay-Penn Economic Development Council works with Fayette County businesses to find the necessary financial support to ensure that they can thrive in this new economy.
Whether you’re a start-up, existing or new business in Fayette County, our Loan Program Coordinator can work with you to decide which fiscal program suits your individual need.
Maybe you need to purchase capital equipment to get your business up and running or find and develop land to accommodate your business goals… the Fay-Penn team can identify suitable resources for your business or organization.
We even help with your efforts before the actual work starts. This includes research and development, environmental assessments, and clean energy needs.
Should any of these needs arise, there are various types of financing, loan, and even grant programs available to make sure you’re getting all the financial infusion you can, so your business succeeds. Local and national crowdfunding possibilities also exist to help scale your business at any level with the help of countless communities. No local business is too small or too large that we can’t make sure we can find the financial program to fit your need.
FAY-PENN LOAN PROGRAMS
Fay-Cap Loan Fund: Designed to assist eligible businesses by funding capital expansion projects in fixed assets, such as new equipment and facilities.
Small Business Loan Fund: Designed to stimulate economic growth by providing financing to companies that would not otherwise have access to these resources.
Enterprise Loan Fund: Designed to encourage job growth in the private business sector in Fayette County’s designated Enterprise Zone. Eligible companies can request loans to assist supporting capital expansion projects involving fixed assets such as new equipment and facilities.
Tourism Revolving Loan Fund: Designed to assist in financing tourism-related projects that will assist in stimulation the maximizing tourism commerce in Fayette County, Pennsylvania.
Rural Microenterprise Assistance Program: Designed to expand financing to small businesses with 10 employees or less for microloans of $50,000 or less.
Pennsylvania Department of Community and Economic Development (PA DCED) Programs and Funding Assistance: Numerous grant and/or loan programs available to various size and types of businesses for varying purposes ranging from working capital, machinery and equipment, land and building construction and acquisition, environmental assessments, clean energy, etc. Some of the most used financing programs include:
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.
Pennsylvania Industrial Development Authority (PIDA): Low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities.
Business in Our Sites (BIOS): Empowers communities to attract growing and expanding businesses by helping them build an inventory of ready sites.
Pennsylvania Department on Conservation and Natural Resources (PA DCNR): Grants to assist local governments and recreation and conservation organizations with funding for projects such as planning, acquisition, and development of public parks; recreation areas; motorized and non-motorized trails; river conservation and access; conservation of open space; and support regional and statewide partnerships that build capacity to better develop and manage resources.
Pennsylvania Redevelopment Assistance Capital Program (RACP): LSA funds may be used for economic development, community improvement and public interest projects in Fayette County.
Fayette County Local Share Account (LSA): 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.
Bridgeway Capital: Microloans, loans for startups, and loans for business growth.
Connellsville Redevelopment Authority: Various loan types available.
Honeycomb Credit: Crowdfunding loans for small businesses.
KIVA: Crowdfunding loans for small businesses.
Pursuit Lending: Crowdfunding loans for small businesses.
Loans: Start or expand your business with loans guaranteed by the Small Business Administration. Use Lender Match to find lenders that offer loans for your business.
Investment Capital: Find an investor for your business through a Small Business Investment Company (SBIC) licensed by the Small Business Administration (SBA).
Grants: Grants are available for exporting, as well as research and development.
US Manufacturers Economic Development Financing Associates (MEDFAS): US Treasury program that provides tax exempt financing to fund expansion projects.
Uniontown Downtown Business District Authority: Loans to businesses located in the downtown Uniontown Business District.
Bridgeway Capital: Financing programs to assist startup entrepreneurs, established small businesses, and nonprofit organizations pursue growth opportunities.
Birchmere: Financing programs to assist startup entrepreneurs, established small businesses, and nonprofit organizations pursue growth opportunities.
Idea Foundry: Organization that provides financial support, experienced mentors and a process and tools to help develop business models in Southwestern Pennsylvania.
Pennsylvania Angel Network (PAN): Pennsylvania-funded organization that provides direct investments and business expertise to technology entrepreneurs, researchers, and small manufacturers.
Innovation Works (Ben Franklin Technology Partner of Southwest Pennsylvania: 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
When specific types of businesses or projects assist the community in which it’s located, Fay-Penn Economic Development Council can recommend some different tax credits and abatements to help you on your economic journey.
Entrepreneurs who are starting their businesses in specific zones located throughout Fayette County, Pennsylvania can utilize these geographic programs. It could be an opportunity or innovation-zoned area where state or local tax abatements and waivers could assist you or your business may be developing in an area that would benefit from the revitalization that your entrepreneurship brings.
Additionally, if you are helping to preserve a historic site, there are financial incentives available to help your business thrive.
PA Keystone Opportunity Zone (KOZ/KOEZ/KOIZ): A wide variety of state and local tax credits, waivers, and broad-based abatements for companies located in designated areas.
PA Keystone Innovation Zone (KIZ): Tax credit program to companies less than eight years old, operating within specific targeted industries, and located in designated areas.
PA Educational Improvement Tax Credit Program (EITC): Tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization.
PA Historic Preservation Tax Credit (HPTC): Tax credits to qualified taxpayers who will be completing the restoration of a qualified historic structure into an-income producing property.
PA Keystone Special Development Zone (KSDZ): $2100-per-job tax credit to companies who create jobs when revitalizing abandoned or deteriorated commercial and industrial sites.
PA Local Economic Revitalization Tax Assistance (LERTA): Local taxing authorities provide tax exemption for new construction in deteriorated areas, and for improvements to certain industrial, commercial, and other business properties.
PA Manufacturing Tax Credit (MTC) Program: Tax credits to taxpayers who increase their annual taxable payroll by $1,000,000 through the creation of new full-time jobs.
PA Neighborhood Assistance Program (NAP): Tax credit program to encourage businesses to invest in projects which improve distressed areas.
PA Enterprise Zones: An incentive program that provides tax credits to businesses or private companies investing in rehabilitating, expanding, or improving buildings or land located within designated enterprise zones.
PA Opportunity Scholarship Tax Credit Program (OSTC): Tax credits to eligible businesses contributing to an Opportunity Scholarship Organization.
PA Research and Development: Pennsylvania tax credit for companies incurring qualified expenses for research and development.
US R&D Tax Credit: Tax credit given to companies who create new or improve existing functionality, performance, reliability, or quality of a business component.
US Opportunity Zones: An Opportunity Zone is an economically distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives.