The goal of the Luzerne County Business Development Loan Program is to attract new business to the area, as well as strengthen existing businesses, thereby creating new employment opportunities, generating additional tax revenues and stimulating the overall area economy.
- Business Development Loan Program
- Employee Incentive Loan Program
Funding Details:
| Eligibility | A business must demonstrate a positive direct impact on the community in which it is located, on residents of that community, or on the local and/or regional economy. |
| Use of Loan Proceeds | Funding will be provided for land and/or building acquisition; construction/renovation activities; purchase of machinery and equipment which is an integral structural fixture of the business; and professional and financial fees. Funding may also be obtained for working capital by manufacturing firms. |
| Financing & Interest Rate | Loan funds are available for eligible businesses at an interest rate of 1½% for terms of 7 or 15 years. The County may finance up to 50% of the eligible project costs, with a minimum loan amount of $50,000 and a maximum loan amount of $1,000,000.00. Loans under $100,000 will be for a maximum 7 year term. |
| Jobs | The company must commit to creating 1 permanent, full time equivalent job for every $35,000 borrowed from the County. A majority (51% or more) of the jobs must be taken by or made available to persons from low/moderate income families. |
Funding Details:
| Eligibility | A business must demonstrate a positive direct impact on the community in which it is located, on residents of that community, or on the local and/or regional economy. |
| Use of Loan Proceeds | Funding will be provided for land and/or building acquisition; construction/renovation activities; purchase of machinery and equipment which is an integral structural fixture of the business; and professional and financial fees. Funding may also be obtained for working capital by manufacturing firms. |
| Financing & Interest Rate | Loan funds are available for eligible businesses at an interest rate of 0% for terms of 7 or 15 years, with a minimum loan amount of $50,000 and a maximum loan amount of $1,000,000.00. The County can potentially finance up to 50% of the eligible project costs. Monthly repayments of principal will be required for the term of the loan. County funds will be secured by a letter of credit from a financial institution. |
| Jobs | One (1) permanent, full time equivalent job must be created for every $35,000 borrowed from the County. Total job creation must provide at least 50 jobs that will be made available locally. |
