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Local Programs

Enterprise Zone Program/Revolving Loan Program

The Corry Area Enterprise Zone Program provides incentives and other assistance to encourage business growth and investment in three target areas of the City of Corry and Columbus and Wayne Townships. The program is administered by the Redevelopment Authority in the City of Corry and the Commonwealth of Pennsylvania Department of Community and Economic Development.

The Enterprise Zone Concept

An enterprise zone is an area of a country, city, or town in which state and local incentives and assistance are offered to encourage the expansion of existing businesses and the attraction of new business activity and jobs.

Corry’s Enterprise Zone

The Redevelopment Authority in the City of Corry manages the Corry Area Enterprise Zones consisting of two townships and one City. The Enterprise Zone encompasses all industrial and some commercially zoned areas within the City of Corry, Wayne Township and Columbus township.

Key Benefits

Competitive Loan Program – 30% of project up to $250,000, 4.5% Fixed terms, up to 15 years.

Revolving Loan Program – 50% of project up to $250,000, 4.5% Fixed Terms, up to 15 years.

Local Economic Recovery Tax Abatement (LERTA) Program – Taxes assessed on improvements made to property within the zone may be abated for a period of up to 5 years. This can amount to a significant sum of money during a stressful period of a business’ operation – when it is trying to grow and expand. You must apply before beginning any improvements to your property. * Available only in the Corry Enterprise Zone.

Preferred Status on all loans and incentive packages offered by the Commonwealth of Pennsylvania.

 

Northwest Pennsylvania Regional Planning and Development Commission

Services northwest Pennsylvania area with a wide array of programs: ARC, and EDA Revolving Loan Fund Program, Small Business First Revolving Loan Program, and FmHA Intermediary Relending Program. Click here for information!

Northwest Pennsylvania Regional Industrial Resource Center

Offers technology development assistance throughout 13 counties in Northwestern Pennsylvania to small and mid-sized manufacturers with 500 or fewer employees. Specializes in providing value-added services to help manufacturers improve quality, productivity, and adapt modern production technologies. Nature and value of services vary depending on company. Click here for information!

Ben Franklin Partnership (BFP)

Promotes technological innovation through business/university partnerships. Offers a Challenge Grant Program for advanced technology, research and development, and start-up companies. Can be used for research and development, technology transfer, joint research and development between private companies and universities, or entrepreneurial assistance and training. Usually range from $5,000 to $100,000 in grant form; often with royalty payback provision. Also offers Seed Venture Capital Funds to early-stage venture companies for product development and working capital. Amount is negotiable; equity financing. Environmental Technology Fund assists companies developing recycling processes or markets for recycled materials with research and development and technology transfer. Up to $100,00 in grant form. Click here for information!

Enterprise Development Fund of Erie County (EDFEC)

The Enterprise Development Fund of Erie County, Inc. is a local revolving loan fund established in 1987 by the Economic Development Corporation of Erie County. The Fund was established to provide a stable interest rate and credit enhancement through second-lien lending for small businesses in Erie County

Click here for more information!