Department of Community and Economic Development Acting Secretary Dennis Davin Friday announced the Commonwealth Financing Authority will open the Business in Our Sites Program for applications beginning April 1.
“This program is an important tool in allowing us to compete for business expansions and relocations,” Davin said. “Gov. Wolf’s proposed budget includes an economic growth plan for jobs that pay, which increases investments in our proven programs, such as Business in Our Sites. This brings a fresh start to spur investment and economic prosperity.”
Administered by the CFA, the Business in Our Sites provides loans for the acquisition and development of key sites for future use by businesses. The program is a vital catalyst for economic development in the state, providing Pennsylvania with an arsenal of ready-to-go sites for development opportunities.
This program can be used to do environmental assessments and site remediation for brownfields sites.
Gov. Wolf’s 2015-16 Executive Budget launches a $675 million investment program, funded by revenue from the severance tax on gas drilling, to support economic development initiatives that leverage private sector funds to create jobs, including a $250 million investment in the Business in Our Sites program.
The CFA plans to deploy more than $20 million in funds that are available from loan repayments and projects that either did not use all of the awarded funding or did not proceed.
The CFA will begin accepting applications for the Business in Our Sites program starting April 1 through July 3. Applications are expected to be considered at the November 2015 meeting.For more information, visit the CFA’s Business in Our Sites Program webpage.