- Locate the ideal site
- Develop or redevelop land or buildings
- Acquire money for working capital, machinery or equipment
- Hire, train, or retrain workers
The BCIDA manages over $10 million of discount financing funds in eight distinct programs; program funds directly administered by our agency that can help your business grow and expand.
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.
- The acquisition of land and/or buildings
- Site preparation, including clearance, demolition, and removal of abandoned or unutilized buildings and related infrastructure improvements
- Machinery and equipment acquisition
- Working capital loans
- Supports and encourages the revitalization and adaptive reuse of older, vacant, and abandoned or underutilized industrial and manufacturing facilities
- Utilizes Bucks County’s strength as a major freight center, in road, rail, and water
- Capitalizes on good job opportunities and sustainable wages in areas including, but not limited to, biotechnology, life sciences, transportation, advanced manufacturing, distribution and related support enterprises in management, logistics, and Information technology
- Builds on the Bucks County’s comparative economic advantage in the fields of healthcare, medical device manufacturing, and health care delivery
- Promotes job creation of sustainable wage and high skilled jobs essential to retain our young adult cohort, the future business and civic leaders, entrepreneurs, and innovators Buck County will need to support a 21st Century economy
- Acquire land and buildings
- Demolish abandoned, underutilized, or unutilized buildings
- Facilitate site clearance
- Infrastructure improvements including utilities, water and sewer systems, access roads, and parking
- Environmental remediation, but only as part of an overall development project
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).
- To restore abandoned, underutilized, or unutilized industrial and manufacturing property to productive use
- To target public resources for the redevelopment of properties in developed areas already well served by roads, rail, infrastructure and utilities, and where possible, public transportation
- To reduce the pressure on Bucks County's remaining open spaces, natural resources, and scenic areas by concentrating redevelopment efforts on such sites as opposed to supporting 'Greenfield' development
- Acquire, adapt, restore, and/or revitalize a building of significant commercial, historic or cultural value
- Make infrastructure or site improvements that will improve access, use, or viewscapes that will result in a demonstrable improvement to the downtown experience
- Undertake innovative investments, such as the re-purposing of alleyways or the backs of buildings to provide a second 'front door' for downtown consumers and guests
- Assist in financing a façade improvement fund; limited to occupied buildings that are already engaged in commercial enterprises and where the improvements are part of an overall merchandising and revitalization plan where there is a 4 to 1 private to public dollar match in funding
- Assist in financing investments in upper stories of downtown commercial buildings that will result in an income stream for merchants and affordable housing or other commercial uses which will strengthen the downtown economy
- Reuse of Greyfield and Brownfield sites that require remediation
- Main Street and downtown redevelopment related to smart growth
- Improvements to critical infrastructure
- Related activities
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 Scott Nissenbaum, Chief Investment Officer for Ben Franklin, email@example.com, (215) 972-6700 ext-3799.