McKeesport, June 24, 2011 – Sen. Jim Brewster today announced a total of $100,000 in state business development grant funds for local Enterprise Zone projects in Braddock, Clairton, Duquesne, McKeesport, North Braddock, Rankin and Swissvale.
“This funding is aimed at helping financially disadvantaged communities revitalize, attract new investment and improve their business climate,” Brewster said. “I will continue to seek state dollars to supplement local economic development and job creation efforts.”
Brewster said the purpose of being designated an Enterprise Zone is to promote job growth and to help municipalities take advantage of business expansion opportunities that may arise. Businesses located within a designated Enterprise Zone have access to the lowest Pennsylvania Industrial Development Authority, Machinery and Equipment Loan Fund, Small Business First (PIDA/MELF/SBF) interest rates, tax credits for real property improvements, Socially and Economically Restricted Business (SERB) status for an advantage when bidding on state contracts, and Act II funding.
“In short, being located in a designated Enterprise Zone guarantees access to the lowest interest rates and lowest start-up costs when starting, growing or expanding a business,” Brewster said. “This program is aimed at helping these communities become more financially attractive places to open, relocate and or expand their business.”
Administered by the Department of Community and Economic Development, the two $50,000 grants will be issued to the Redevelopment Authority of the City of Duquesne and Enterprise Zone Corporation of Braddock.
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