The Bradford Area Enterprise Zone Offers Neighborhood Assistance Program/Enterprise one State Tax Credits and/or Enterprise Zone low-interest loan funds for eligible companies located in the zone.
The Bradford Area Enterprise Zone includes portions of:
- The City of Bradford
- Bradford Township
- Foster Township
- Borough of Lewis Run
What is an Enterprise Zone?
An Enterprise Zone, designated by the state of Pennsylvania, is an area targeted for economic revitalization. Financial incentives are offered to businesses and property owners to encourage private investment and the creation of jobs for the residents of the zone.
Bradford Area Enterprise Zone
The basic outline of the Bradford Area Enterprise Zone is a one-half mile wide, ten-mile north- south strip following U.S. Route 219, from the New York State line at the north end of Foster Township, PA to the southern end of the Borough of Lewis Run and juts easterly to include South Kendall Avenue and Derrick City Road. The Zone includes parts of the City of Bradford, Bradford Township, Foster Township and the Borough of Lewis Run.
To determine if your company is located in the Bradford Area Enterprise Zone contact the Enterprise Zone Coordinator at (814) 368-7170 Extension 117.
Neighborhood Assistance Program/Enterprise Zone Tax Credits
NAP/EZP is an incentive program that provides tax credits to businesses investing in or making physical improvements to properties located within a designated enterprise zone. These activities are to encourage economic development and job creation in financially disadvantaged communities.
Who is Eligible? Private businesses may apply to receive a 25 percent tax
credit on eligible investments including new construction, rehabilitation, expansion, infrastructure and acquisition. Participation is limited to those businesses subject to one or more
of the following Pennsylvania corporate taxes:
- Corporate Net Income
- Bank and Trust Company Shares
- Mutual Thrift Institutions
- Insurance Premiums
- Title Insurance Shares
- Capital Stock-Foreign Franchise
Tax credits of up to $500,000 per project can be approved for eligible projects. A private company awarded tax credits has three options:
- Retain and use
- Pass through to another eligible entity
Enterprise Zone Competitive Loan Program
Enterprise Zone Competitive Loans are available in amounts up to $350,000 per project, based
on an amount that does not exceed 30% of a total project investment and for which one
full-time job is created or retained for each $35,000 of loan capital.
Eligible applicants include industrial, manufacturing and technology-oriented businesses that are located within the boundaries of the enterprise zone.
Enterprise Zone loans can be used for up to 30% (not to exceed $350,000) of the total project investment required to acquire machinery and equipment, new business construction or building
improvements, site improvements, and infrastructure.
The loans must be collateralized with a reasonable security position. A phase one environmental
assessment is required for projects that involve the acquisition or improvement of real property. The interest rate is generally 3-5% with a term of 5-15 years depending on the use of the funds.