Opening a business is a huge undertaking. Not only do you have to create a product or service and find a commercial property you can afford, you also have to drum up the money to meet your start-up costs. If you have to buy equipment like used woodworking machines this can be a big expense. Most people need to take out business loans to make ends meet. Luckily, if you're opening your business in Allentown, Pennsylvania, you've got a number of city, regional, and state economic development programs you can draw on for support. Here's a brief overview of the options.

Loans

There are more types of loans for small and large business owners in Allentown than can possibly be listed on this page, so we'll just mention a few. There's the regional Infrastructure Development Program to provide loans to businesses improving or creating public facilities like airports or parking lots. There's the Pennsylvania Minority Business Development Authority Loans for minorities looking to open new businesses or even just upgrade to tankless water heaters. There are loans to help manufacturers buy machinery, help start up small businesses, and help existing businesses improve their facades.

Grants

Grants are even better than loans, because they don't have to be paid back. However, many of Allentown's grant programs require additional investment from the company to match part of the amount of the grant. A grant can be obtained for reclaiming contaminated land (e.g. ponds polluted with lead shot). Wholesale warehouse owners can get a grant to have a site in the Brownfields neighborhood assessed. Companies creating jobs in the community can qualify for Opportunities grants, and capital can be provided to establish restaurants and retail stores in the Enterprise Zone.

Tax Breaks

Tax breaks are the most common form of economic development incentives for business, so naturally Allentown offers them to its businesses. Property tax reductions can be obtained for doing valve rework and making other improvements to properties in the Enterprise Zone. Eligibility is decided on a case by case basis. Businesses are also given the opportunity to buy tax exempt bonds from the Pennsylvania Economic Development Financing Authority if they're involved in certain sectors, like manufacturing or housing, while all businesses can purchase taxable bonds from the same source.

Training

Finally, Allentown offers business owners the chance to train themselves or their employees on the state's dime. Owners decide on the location and type of training and make the arrangements, receiving funding through the WedNet Guaranteed Training Program or the Customized Job Training Program. These programs are not open to all types of business. For instance, retail stores don't qualify. But if the skills involved are manufacturing or technology based rather than learning catering in Toronto, the state will pick up the tab for employees earning above a certain wage.