NORRISTOWN, PA – The Montgomery County Commerce Department invites bankers, accountants, lawyers, and other interested partners to attend a virtual forum on the economic development finance tools available to support business growth and investment. The virtual event will take place at 10 a.m. on Tuesday, September 20, 2022. To register for this free event, click here.
“As we talk with businesses every day and share information about our economic development financing programs, we also want to be sure that the professionals they trust and seek guidance from know our programs as well,” said Dave Zellers, Director of the Montgomery County Commerce Department. “Every one of our programs provides opportunity to help businesses, their banks, their advisors, their investors, and their community see another project get done.”
Attendees will have the opportunity to learn the latest on programs including the MontcoForward Loan Program, C-PACE, and the IDA’s tax-exempt bond financing. Presentations will be made by Dave Zellers, Director of Commerce; Rebecca Swanson, Executive Director of the Montgomery County Redevelopment Authority (RDA); and Merle Ochrach, Solicitor for the Montgomery County Industrial Development Authority (IDA).
Current financing programs available to Montgomery County businesses include:
MontcoForward Loan: The MontcoForward Loan Program is designed to help businesses grow, increase their productivity, and maximize the value of their investments in Montgomery County. Businesses and their banks are encouraged to contact the Commerce Department to discuss how best a loan from this program can be incorporated into funding a project.
- The program can provide up to $1,000,000 for qualified projects that meet the program’s flexible parameters.
- Fixed rate and fixed term (varies by use of funds).
PIDA: The Pennsylvania Industrial Development Authority (PIDA) provides low-interest loans and lines of credit to businesses that commit to creating and retaining full-time jobs in Pennsylvania through projects including property and/or equipment purchases.
- Interest rates tied to the 10-year Treasury (varies by use of funds).
- The program can provide up to $5,000,000 for qualified projects (varies by use of funds) and job-creation requirements.
MCIDA: The Montgomery County Industrial Development Authority (MCIDA) assists eligible entities with meeting capital needs for large-scale projects. The MCIDA process is designed to secure significant capital at competitive rates for borrowers and benefit the lender through the utilization of tax-exempt bonds.
C-PACE: Montgomery County passed a resolution to adopt Pennsylvania’s recently expanded Commercial Property Assessed Clean Energy (C-PACE) program in August 2022. Through the C-PACE program, Montgomery County commercial businesses, agriculture interests, and nonprofits can finance clean energy and water efficiency projects with long-term and low-cost financing. The newly expanded program also allows for the financing of improvements to multi-tenant residential properties as well as improvements to all eligible properties that increase environmental resiliency and HVAC enhancements.
Businesses, partners, and stakeholders interested in learning more about these financing programs are encouraged to attend the virtual financing forum on September 20, 2022.
Starting, growing, or looking to locate your business in Montgomery County? Complete a Commerce Department Assistance Request Form.
About the Montgomery County Commerce Department
The Montgomery County Commerce Department utilizes a unified approach to providing economic & workforce development services and assistance to individuals, entrepreneurs, investors, businesses, communities, and institutions. Through our expanding network of partners & stakeholders, we collaborate every day to make Montgomery County the place to live, work, learn, & invest.
Media Contact: Kelly Cofrancisco, kcofrancisco@montcopa.org