The Bensalem Economic Development Corporation is ready to assist existing and new members of the Bensalem Township business community with securing financial assistance whenever possible.
We invite you to contact us to learn how we can help.
The following resources may also be of interest:
Redevelopment Authority of the County of Bucks
The Redevelopment Authority of Bucks County strives to inspire community development by establishing communities that are recognized as outstanding assets through comprehensive approaches that coordinate housing rehabilitation, economic development, and the opportunity of family-sustaining employment in the County of Bucks.
Pennsylvania Industrial Development Authority (PIDA)
The PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program.
- Land and building acquisitions
- Construction and renovation costs
- Machinery and equipment purchases
- Working capital and accounts receivable lines of credit
- Multi-tenant facility projects (industrial park projects)
A variety of different industry sectors are eligible for PIDA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day care, retail and service, export, and computer-related service enterprises.
Grants, Tax Credits, Job Training
Some companies may qualify for the following programs offered by the Commonwealth of Pennsylvania to provide grants, tax credits, or job training funds for business expansion, relocation, or retention projects:
New Job Creation Tax Credit
The JCTC provides a $1,000 tax credit to approved businesses that agree to create or retain new jobs in the Commonwealth. A business must agree to create a minimum of 25 new jobs or new jobs equaling at least 20% of its existing workforce within three years. The tax credit cannot be used until the jobs are actually created.
WEDnetPA Job Training Program
WEDnetPA is a program offered by Pennsylvania to strengthen an already healthy and supportive business environment here in the Commonwealth. We reward in-state businesses that show solid growth and out-of-state companies that decide to relocate to the economic-friendly business climate of Pennsylvania. Qualified companies receive free job training, which is provided through the Workforce and Economic Development Network of Pennsylvania, known as WEDnetPA. This alliance of 14 state system universities and Pennsylvania’s 14 community colleges provides a diverse array of training that employers need most. Through the Guaranteed Free Training Program, you can access funding for a wide range of Basic Skills Training and Information Technology Training that will put your employees on the path to peak performance. The mission of WEDnetPA is to strengthen the business environment of the Commonwealth of Pennsylvania by providing a training network that is responsive to employers’ workforce development needs.
Infrastructure Development Program (IDP)
The IDP program provides grants and loans for infrastructure construction and rehabilitation which is necessary to complement capital investment by private companies and private developers. Grants must be used for eligible public-owned infrastructure improvements that are accessible to more than one user. Individual loans may be used for eligible privately owned infrastructure improvements. The maximum grant or loan amount is $1,250,000.
Other programs are available to companies in specific geographically defined areas, such as LERTA districts, Keystone Opportunity Zones, or the Enterprise Zone in Bensalem Township.
LERTA Property Tax Abatement Program
The Local Economic Revitalization Tax Assistance (LERTA) Program provides a graduated abatement on real estate taxes for companies that make improvements to property within the LERTA district. As an example of a typical LERTA project, a building is built on a vacant parcel of ground (which has a baseline tax assessment of “X”). As a result of the improvements, the real estate tax assessment on the parcel of ground will now include the new building, and the assessment is increased from “X” to “Y”. The LERTA program provides an abatement on the difference between “X” and “Y” over a period of 5 – 10 years. At the end of the abatement period, the property owner pays the full amount of taxes due on the improved property.
Enterprise Zone Tax Credit Program
The Enterprise Zone Tax Credit is competitively awarded by the Commonwealth of Pennsylvania. Eligible companies are businesses located in the state- and locally designated Enterprise Zone, which make improvements to real property with the Zone. The Commonwealth may award up to $250,000 of tax credits per project, per company, per year. Credits are used to offset the company’s Pennsylvania tax liability. Applications to the Commonwealth for this program are administered by the Enterprise Zone Coordinator, within the County’s Redevelopment Authority.