Economic Development
 The City’s Economic Development Bureau strives to maximize opportunities for business of all sizes and natures and the City’s tax base by diversifying the local economy, stimulating private investment, and generating employment opportunities. The bureau staff offers technical assistance to businesses looking to relocate or expand within City limits by assisting in site selection, financing, and business development.
Businesses located in or relocating to the City are eligible for an array of incentive programs administered by the Economic Development Bureau. The following details each program and its eligibility and regulations.
IF YOU ARE:
- A business located in the City
- An individual looking to start a business
- A business looking to expand or relocate
Be sure to see the Business section of this website for information on taxes, licenses, available buildings, etc.
|
LOAN PROGRAMS
The City offers four low interest loan programs at 3% interest for new and expanding businesses throughout the City.
- Jobs Development Loan Program (JDL)
- Micro-enterprise Jobs Development Loan Program (Micro JDL)
- UDAG Revolving Loan Program (UDAG)
- Enterprise Development Loan Program (EZL)
Program |
Loan Amounts |
Loan Requirements |
Eligible Uses |
JDL |
33% of TPC, up to $50,000 |
Create 1 full-time job for every $15,000 borrowed or retain 1 full-time job for every $7,500 |
Land Acquisition
Building Acquisition
Building Construction
Building Renovation
Leasehold Improvements
Machinery/Equipment
Inventory
Working Capital |
Micro JDL |
50% of TPC, up to $10,000 |
Create one full-time job, which may be the business owner |
UDAG |
33% of TPC, up to $50,000 |
Create 1 full-time job for every $15,000 borrowed or retain 1full-time job for every $7,500 |
EZL |
25% of TPC, up to $50,000 |
Create 1full-time job for every $15,000 borrowed or retain1 full-time job for every $7,500 |
FAÇADE IMPROVEMENT PROGRAM
The Façade Improvement Program is open to all commercial properties within city limits. Businesses and property owners are offered architectural assistance along with a fifty-fifty match up to $7,500 for improvements to a building’s exterior including signage, surface treatment, windows, and landscaping.
ENTERPRISE ZONE
A majority of the City’s neighborhoods including the Central Business District are located in the City’s state designated Enterprise Zone. Businesses located in the Enterprise Zone can receive special consideration for state contracting opportunities.
HUBZONE
Sections of the City are designated by the U.S. Small Business Administration (SBA) as Historically Underutilized Business Zones (HUB Zones). Businesses in these locations receive special consideration for contracting with all federal agencies, including set asides.
KEYSTONE INNOVATION ZONE (KIZ)
A portion of the City is included in the Greater Johnstown Keystone Innovation Zone, a state delineated area where partnerships between higher education institutions and technology based businesses are encouraged. Businesses who locate in the KIZ can qualify for tax credits. Those businesses without a tax liability will have the ability to sell their tax credits.
|
