Citadel Credit Union discusses grants, loans and relief programs available to small business owners in Pennsylvania
Image via Citadel Credit Union.
Small businesses are essential to the economy, but post-pandemic some businesses may need financial assistance to get back on their feet. With small business grants available in Pennsylvania, as well as loans and assistance programs designed to help businesses succeed in the post-pandemic era, here are some opportunities to consider for financial assistance this year.
Pennsylvania Small Business Grants
Financial assistance and grant options for small businesses in Pennsylvania are plentiful, helping businesses with a variety of needs – including improvement costs and reduced environmental impact.
Small Business Advance Grant
Do you plan to reduce your company’s waste by purchasing energy-efficient or pollution-preventing equipment? The Small Business Advance Grant matches up to 50% (or $5,000) of your efforts to implement these changes. To be eligible, businesses must be based in Pennsylvania and have 100 or fewer full-time employees. All applications are reviewed on a first-come, first-served basis and must save small businesses at least $500 and 25% annually on energy consumption costs.
Alternative Fuel Incentive Grant Program
This grant requires your business to switch to alternative fuels (such as electricity, compressed natural gas, biodiesel and other biofuels), retrofit or purchase alternative fuel vehicles, purchase/install necessary equipment or to contribute to research and training in this field. field. The program has approximately $3 million in funding and gives priority to companies headquartered or primarily operating in Pennsylvania.
Philadelphia Empowerment Zone Grants
Businesses and nonprofits located in specific areas of Philadelphia — American Street, North Central, and West Philadelphia — can apply for funding to help defray the costs of improving and growing the business through efforts embellishment, expansion, equipment, etc. Organizations are eligible for up to $10,000 to $25,000, depending on their designated region.
Window Improvement Grants
If your business has a storefront, grants are available for eligible small businesses and commercial buildings to improve their storefronts in Philadelphia and Pittsburgh. Applicants can receive up to $12,000 in Pittsburgh and $15,000 in Philadelphia for upgrades such as exterior paint, windows and doors, lighting and signage.
Small business loans
Considering a small business loan in Pennsylvania? At Citadel, we offer a variety of solutions in the form of business loans and credit options to help grow your business, including loans for business real estate, vehicles and equipment, and low rates on business lines of credit.
Schedule a free consultation with a loan officer today.
In Pennsylvania, small business assistance programs can be a big help no matter the amount. The following programs are dedicated to minority businesses, as well as those looking to upskill.
Access to Capital Program for Diversified Small Businesses
Eligible diversified small businesses owned by minorities, women, veterans, or persons with disabilities can receive low-interest capital from the Pennsylvania Industrial Development Authority (PIDA) for machinery and equipment costs, acquisition of buildings and land and construction. and renovation.
Pennsylvania Small Business Development Centers (SBDC)
Although it does not directly offer financial support, SBDC can provide small business owners with valuable assistance in the form of free education and advice on topics such as marketing, operations, financial management and planning. strategic.
Neighborhood Assistance Program
Businesses can receive a tax credit of up to 55% to invest in projects and services that benefit distressed areas and low-income neighborhoods in Pennsylvania. These initiatives may include job training, education, crime prevention and community service.
For more local support and guidance to help your business succeed after COVID-19, explore Citadel’s business solutions and loans.
Phil Sutliff is Head of Corporate Banking at Citadel Credit Union. Citadel offers a full suite of dynamic products and services for businesses in the Greater Philadelphia area looking for a better banking experience. Unlike traditional banks, Citadel’s business banking services are built on the not-for-profit status of the credit union, which enables a unique level of service and commitment to help build financially strong businesses that impact and take direct care of our communities, our families and all local communities. economic health.