Business Development Loan Program
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.
The Business Development Loan Program addresses these goals by providing low interest loans to eligible businesses.
Should the Recipient fail to meet job creation requirements within a three year period following preliminary approval, a penalty may be imposed.
Funding will be provided for:
Funding may also be obtained for working capital by manufacturing firms.
FINANCING FOR IDC’S/NON-PROFITS
Non-profit organizations, including Industrial Development Corporations are eligible to participate under the County’s loan program.
Funding requests will be considered for eligible projects that have a funding gap.
For land acquisition deals, the County will consider financing up to 75% of the eligible project costs.
Loan packaging must be utilized on all projects and County funds should serve as the final source of funds to complete a project.
Loan funds are available for eligible projects at an interest rate of 1½% for a term of 20 years.
A processing fee of 0.5% of the total County funding (not to exceed $1,000) will be required from the applicant. Of this amount, $150 is due at the time of execution of the preliminary approval letter, with the balance due at the loan closing.
* This fee will be waived for non-profit applicants, upon request.
For more information, visit the Luzerne County Office of Community Development website.