There are numerous benefits available to
businesses locating in the Allentown Enterprise Zone. While these are summarized below,
you should contact the Allentown Enterprise Zone coordinator at the Allentown Economic
Development Corporations Bridgeworks Enterprise Center for more details and specific
applicability to your project or business. Contact Lewis Edwards at (610) 770-1015.
Reduced interest rate
on Pennsylvania Industrial Development Authority loans for property purchase, construction
or renovations to buildings for manufacturing, technology or headquarters projects.
Interest rates are 3.75% in Enterprise Zones on PIDAs 40% participation in the
project.
Pennsylvania Tax
Credits are available for businesses improving property in an Enterprise Zone. Up to 20%
of an investment can be recovered in the form of PA corporate net income tax credits.
Businesses investing
at least $1 million in the Enterprise Zone are eligible to apply for an Enterprise Zone
Competitive Grant whereby the Commonwealth grants up to $250,000 to AEDC which then lends
the funds to the project at 3.75% interest.
Enterprise Zone
businesses and locations receive special consideration from numerous other Commonwealth
programs, such as when bidding on a Commonwealth contract or cleaning up an
environmentally contaminated site.
The Employee Development Scholarship Fund will
provide up to $500 to each business that sends one or more employees for training. A one
page application is available from AEDC or from the Bridgeworks web site. (see below)
Businesses are
eligible to receive free assistance from several businesses located in the Home Office
Alternative @ The Bridgeworks. These consulting businesses have agreed to provide a
limited amount of free service to Allentown Enterprise Zone businesses. Click Here to see the kinds of expertise currently
available to Enterprise Zone Businesses.
For more details, contact Lewis Edwards,
Director of Enterprise Development for the Allentown Economic Development Corporation. He
is located in the Bridgeworks Enterprise Center at 905 Harrison Street, Allentown, PA
18103. Phone 610-770-1015; Fax 610-770-1043; email ledwards@thebridgeworks.com.