Economic Development Loans

Micro Enterprise Loans

A Micro Enterprise is a commercial enterprise with 5 or fewer employees, including the owner. The owner, or at least 51% of your employees, must be low or moderate income. The business must be located within the City of Williamsport.

The City offers business loans at a 3 % interest rate. Funds of up to $10,000 are available to assist you to develop or expand your business. A application and a business plan are required. Funds can be used to:

Provide credit to establish, stabilize or expand an eligible micro enterprise
Provide technical assistance
Provide general support to the business

Contact the Community Development Office at 570-327-7511 for more information, or Click here to enter your name on the Micro Enterprise inquiry List. Programs are dependant upon funding from CDBG. Funding is limited. A business plan is required.

Local Economic Revitalization Tax Assistance (LERTA)

The City offers a Property Tax Abatement incentive for rehabilitation of industrial and commercial properties located in the approved Enterprise Zone. Residential properties are excluded. The amount exempted is limited to the portion of the additional tax assessment attributable to the actual cost of acceptably completed improvements to the property. Restrictions and deadlines apply. You may not begin work without an approved Building Permit and you must apply for LERTA within 30 days of receiving an approved Building Permit or your eligibility will expire.

Ask for a LERTA Application from the Bureau of Codes when applying for a building permit.

The current LERTA Exemption Schedule:

First Year	100%
Second Year	90%
Third Year	80%
Fourth Year	70%
Fifth Year	60%
Sixth Year	50%
Seventh Year	40%
Eighth Year	30%
Ninth Year	20%
Tenth Year	10%
The exemption is granted upon the property and shall not terminate upon the sale of exchange of the property Call the Community Development Office at 570-327-7511 for more information

SHOPSTEADING

The City offers financial assistance for private economic development projects. The Shopsteading program offers a maximum $100,000 loan at 4% interest for a 10 year term. To be eligible for funding your economic development project must:

Provide at least two dollars of financing for each dollar of Shopsteading assistance.
Create or retain jobs for persons at least 51% of whom are low to moderate income. At least one job must be created or retained for each $15,000 in Shopsteading assistance.
Provide a minimum cash equity investment of at least ten percent of the total project.
Be completed within eighteen months of the loan award.

Application are available at the Community Development Office, 245 West Fourth Street. A $50 application fee is charged upon submission of an application. Please call 570-327-7511 for more information.