Back to list March 05, 2020 Business Incentives in Cumberland County Businesses looking for room to expand and thrive often search for incentive programs to help them achieve their goals. Small companies with big ideas rely on these incentives to ramp up their production or availability as demand increases, particularly when they do not yet possess the financial means to fulfill bigger orders or requests for services. Incentives can bridge that gap between readiness for growth and fiscal achievement. The Cumberland County area provides a number of natural incentives to attract businesses. The prime location near Washington, D.C. Philadelphia, New York, Pittsburgh and Baltimore, low cost of living, quality of life and thriving economy can all give companies a boost. The Cumberland Area Economic Development Corporation (CAEDC) also provides business incentives that encourage growth and creativity. We can help you find the right fit for your booming company. Local Business Incentive Programs Here’s a look at four popular incentive programs offered in the Cumberland Valley. 1. Public Funding Businesses may be able to obtain money from the state, local or even federal government to fund site improvements. Business expansion benefits the government, so providing these grants and other public funding options makes sense. CAEDC can match you with options that fit your needs. For example, as one of many grant programs offered in Cumberland County, the Redevelopment Assistance Capital Program offsets site preparation and the purchase of equipment. If you’re interested, be ready to prove your case. To be competitive, the company must use these funds for a tax-generating or job-generating project. In addition, CAEDC has internal, state and federal low-interest financing programs that can help incentivize projects that would not otherwise happen. Some of these incentives are a 90% loan-to-value, 2nd lien position and low interest rate. 2. Tax Incremental Funding (TIF) This program recognizes public improvement projects that eventually will bring money into the community and funds them by relying on future property tax growth from that area. TIFs assume that tax gains will rise with the additions. It’s essentially a way for future progress to fund present expansion. CAEDC can assist with identifying places where TIF may be possible. 3. State Business Assistance and Incentives If your business is currently located outside Cumberland County, the Governor’s Action Team and commonwealth-wide community and economic development department can assist with finding state-level programs to incentivize relocation. These might include: Tax assistance Bond programs Grants Loans CAEDC’s grant writing experience and ability to aid with applications, as well as knowledge of statewide programs, can aid your business. 4. LERTA: Local Economic Revitalization Tax Assistance To attract industry to economically depressed areas, local governments can give tax abatements that may last up to a decade. The program can also be used to get businesses to make improvements to existing structures used for commercial purposes. CAEDC can assist with pursuing LERTA and discovering areas you may not have considered. We have aided companies looking to reduce the assessments on property taxes bring more jobs and economic opportunities to the area. Contact CAEDC Today Trying to find business incentives on your own can be a tedious process involving a lot of phone calls and research. Enlisting the assistance of CAEDC can eliminate that hassle and allow you to focus on ideas and innovations that will enhance your company. Get in touch today to learn more.
