We assist with access to capital: No matter the project, access to affordable capital is necessary to make it happen. PMEDC works to connect businesses and projects with affordable and accessible capital resources from a wide variety of sources. There are primarily two types:
Grants – dollars that are invested without the need for repayment
or
Loans – dollars that require repayment
Grant Programs include:
Local Share Account - Monroe County
The Local Share Account – Monroe County program which is administered by the PA Dept. of Community & Economic Development and the Commonwealth Financing Authority.
Multimodal Transportation Fund
The Multimodal Transportation Fund programs – both offered by the Commonwealth, one through the Pennsylvania Dept. of Transportation and the other through the PA Dept. of Community & Economic Development & the Commonwealth Financing Authority. This program targets transportation oriented projects.
PMEDC is currently facilitating MTF grants for:
- The Smithfield Gateway project in Smithfield Township
- Long Pond Road improvements in Tobyhanna Township
- The Exits 298-299 Area Improvement Plan in Pocono Township
- The Ridge at Swiftwater in Pocono Township
- Improvement of Intersection at SR611 and Bartonsville Avenue in Pocono Township
Redevelopment Capital Assistance Program
The Redevelopment Capital Assistance Program which is administered by Pennsylvania’s Office of the Budget. This program is accessible via a window of application period set at the discretion of the Governor and with selected projects awarded by the Governor. This program targets construction-oriented projects that do not fit with other programs.
PMEDC is currently facilitating RACP grants for:
- ESU Foundation
- The Smithfield Gateway project in Smithfield Township
- The Lackawanna Cut-Off Passenger Rail Restoration project
- Pocono Family YMCA
- St. Luke’s Monroe
- Lehigh Valley Health Network
- Monroe County Historical Association
- Sanofi
- Great Wolf Lodge
- Pocono Mountains Corporate Center South
- Downtown Stroudsburg Parking Facility
- Pocono International Raceway
- Monroe Career & Technical Institute
- Redevelopment of the former International Boiler Works property
These are just the most frequently used programs we help Monroe County projects access; there are many more! Attracting these dollars to projects in Monroe County is good for the local economy and generates additional benefits to the community. For assistance with identifying and accessing capital for your business or project, contact our office.
PMEDC staff can assist directly through several loan programs but can also offer connections to programs we do not directly facilitate, through the NEPA Alliance, the Small Business Administration, and the Commonwealth of PA.
MO.B.I.L
MOBIL Low Interest Revolving Loan Program
Monroe County small businesses can borrow up to $100,000
The funds can be used for:
- Acquisition
- Construction
- Infrastructure/site preparation
- Machinery/equipment
- Working capital
- Professional services
- Engineering, inspections
- Fees
- Environmental assessment
- Legal costs and closing costs
Program Documents can be downloaded here:
Click here for the MOBIL Program Guidelines
Click here for the MOBIL Program Application
Monroe County Revolving Loan Fund
MOBIL Low Interest Revolving Loan Program
Monroe County small businesses can borrow up to $100,000
The funds can be used for:
- Acquisition
- Construction
- Infrastructure/site preparation
- Machinery/equipment
- Working capital
- Professional services
- Engineering, inspections
- Fees
- Environmental assessment
- Legal costs and closing costs
Program Documents can be downloaded here:
Click here for the MOBIL Program Guidelines
Click here for the MOBIL Program Application
PA Industrial Development Authority
The PIDA Program provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program. PMEDC is the CEDO in Monroe County and interested applicants should contact us directly at (570) 839-1992.
With all loan programs, terms and conditions apply; availability is limited to qualified borrowers with credit and collateral.
There are other programs and resource providers available to Monroe County businesses and projects as well. For help identifying the best programs or resources for your business needs contact our office today.