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Making a good plan better … state and federal financing programs are designed meet a variety of needs to support your growth and expansion plans. Low-cost financing programs are available provided you have a solid business plan and viable market. Most programs require 10% equity and are tied to total number of jobs created or retained within three years. Eligibility is often determined by business type. However, rates are significantly lower than market rates and are guaranteed for approximately 7 to 15 years. Please allow 90 to 180 days from the time an application is complete to receipt of funds.
WEDCO’s staff will work with appropriate agencies and economic development professionals to determine the programs that fit your needs and your eligibility, and assist with the application process. We will match financing incentives with companies relocating to Wayne County. And we will help local companies put their expansion plans into motion. Browse through the programs below, and contact WEDCO for more information.
For a summary of our most commonly used financing programs, download WEDCO’s Financial Guide.
Case studies
Bond Financing
Grants
Loans
Loan Guarantee
Tax Credits
Technical Assistance
Workforce Development
National company expands facility
Based on increased product demand, a national distribution company headquartered in Wayne County expressed a need to expand its Pennsylvania facility. WEDCO staff met with company representatives and discussed various low-cost financing programs available through PIDA and the Local Delivery District.
Working with state economic development agencies, WEDCO coordinated loans through PIDA, Small Business First, and the Appalachian Regional Commission. An Opportunity grant was also secured. Public investment funds totaled $752,000; private capital investment was $309,200. The desired expansion was completed, and the company’s workforce increased from 64 to 95.
Restaurant addition funded through SBF loan
Situated in one of the fastest growing counties in the Commonwealth, a family-owned restaurant recognized the potential of Wayne County’s increasing population. Company representatives approached WEDCO about funding for their $400,000 expansion because they had knowledge of DCED financing programs through the PA Business Retention and Expansion Program. (Target this program on our Expanding a business page in the Business Development section) The restaurant was established in 1977 and employed 28.
The business secured a Small Business First loan of $200,000. The 3200 square foot addition is complete. Six jobs have been created, and the workforce is expected to continue to grow from the original 28 to a total of 40. |
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