Bucks County has established a loan guarantee program backed by funds held by various county economic development agencies and lenders in order to foster increased bank lending and leverage. Bucks Guaranteed aims to increase private investment in both equity and debt, while reducing capital outlays from public financing programs, where demand traditionally outstrips available resources. The program will target companies in the county that have a clear and demonstrated competitive advantage that encourages growth and expansion, while still providing workers with good jobs at family sustaining wages. Examples of acceptable uses for this program include:
Please contact the BCIDA for specific guidelines to apply for this program.
A $1 million fund designed to invest in the revitalization and adaptive reuse of older, vacant, and abandoned or underutilized Brownfields or Greyfields at industrial and manufacturing sites and facilities throughout Bucks County. Funds from this program can be used to:
Generally, Bucks Rebuilt Investments (BRI) will be limited to support for the acquisition, demolition, site clearance, infrastructure improvements, and in certain instances environmental clean up of abandoned, underutilized, or unutilized industrial and manufacturing properties.
Up to $500,000 may be invested in such projects at below market interest rates to a developer, municipality, or other eligible not-for-profit entity for such purposes. In no case can BRI funds represent more than 40 percent of total project costs. The length of the loan and the other terms will be subject to negotiation with the Bucks County Industrial Development Authority (BCIDA).
Bucks Rebuilt Investments (BRI) Program Overview
Businesses can secure as much as $400,000 in funding from this program to support these kinds of ventures, so long as more than half the jobs created go to low and/or moderate income workers (generally a worker for whom no specialized skills are needed to perform the job for which they are hired or for underemployed or unemployed individuals), or the funds are used to prevent or eliminate blight (generally an area or building that cannot reasonably be occupied in its present state). One new full time job is created for each $35,000 dollars of Core Industry Fund dollars invested when the borrower shows strong evidence of being able to pay back any loans made.
The Taste & Tour program will provide micro-loans low interest financing to help support agri-business and tourism communities. This initiative also supports family-owned farms, farmer’s markets, and the hospitality industry in Bucks County.
Guidelines are being developed for this program and will be available soon. In the meantime, please contact the BCIDA for additional information on how to access loan funds for this program.
The Bucks County Industrial Development Authority's Industrial Revenue Bond and Mortgage Program can provide capital financing for manufacturing companies such as exempt facilities and non- profit organizations. This can be achieve either through tax free mortgages for smaller projects or a stand-alone bond issue for larger ones. Both of these approaches can significantly reduce borrowing costs.
The Revenue Bond and Mortgage program can prove an attractive mechanism for financing new business and related expansions. But the program is governed by federal statute, so it is important to work closely with an experienced and qualified team in order to ensure correct procedure is followed. Fortunately, the BCIDA has nearly 40 years’ experience in raising hundreds of millions of dollars for qualified applicants through this program.
These funds can be used for a wide array of purposes including acquisition, site preparation, infrastructure improvements, building construction, new machinery and equipment, and the closing and soft costs traditionally associated with such projects.
While there is no minimum size for tax-exempt mortgages or bonds, it is generally not economical to issue bonds for amounts under $1,000,000. Amounts under $1,000,000 can be funded through a tax-exempt mortgage. The maximum size for a manufacturing project is $10 million. This cap does not apply to non- profits, which include such enterprises as nursing homes, health care facilities, educational facilities, or tax exempt facilities. Exempt facilities include solid waste disposal facilities, docks, hazardous waste disposal facilities, sewage facilities, and water and electricity furnishings facilities.
Job creation is also required, with both new and existing full-time permanent jobs at the project site being counted for this program. Existing jobs include jobs which will be transferred to the project site. Tax-exempt manufacturing projects must retain or create, within three years of the financing, one full-time permanent job for every $50,000 of financing requested. Non-profit and exempt facility projects must retain or create, within five three years of the financing, a total of at least ten full-time permanent jobs per financing.
VC4BC (Venture Capital for Bucks County) is a partnership between the Bucks County Retirement Board and Ben Franklin Technology Partners of Southeastern PA, to invest $4 million in emerging advanced technology companies located in or willing to locate in Bucks County.
All VC4BC investment opportunities in the IT, Life Sciences and Physical Sciences technology sectors are evaluated through Ben Franklin Technology Partners of Southeastern PA's highly regarded technology sector-specific review process, which incorporates many of the region’s top technology experts and early stage investors.
For additional information about applying to the VC4BC program please visit, http://www.sep.benfranklin.org/vc4bc/. For immediate assistance please contact the BCIDA or Terry Hicks, Vice President of the Investment Group for Ben Franklin, email@example.com, 215.972.6700 x3799.
11 Welden Drive
Doylestown, PA 18901