Since its inception in 1945, SLIBCO’s community and economic development program has been nationally recognized and benchmarked.
Working in conjunction with our sister affiliates, The Scranton Plan and MetroAction, SLIBCO has assisted hundreds of companies access financing and incentives for their relocation and expansion projects.
Through our partnerships with state and local governments, companies within the Greater Scranton region are prospering in our pro-business environment. Our economic development team can serve as your community partner, assisting you in all aspects of your site selection, financing and incentives process.
Allow our team of economic development professionals serve as your single-point-of-contact for assistance in crafting a financial incentive package.
KEYSTONE OPPORTUNITY EXPANSION ZONE (KOEZ)
KEYSTONE INNOVATION ZONE (KIZ)
Federal Tax Cuts & Job Act-Opportunity Zone Program
Opportunity Zones are designed to spur economic development by providing tax benefits to investors. Investors can defer tax on any prior gains until the earlier of the date on which an investment is sold or exchanged, or December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund. If the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in basis equal to the fair market value of the investment on the date that the investment is sold or exchanged.
PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA)
PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PEDFA)
MetroAction SMALL BUSINESS LOANS
LACKAWANNA COUNTY REVOLVING LOAN PROGRAM
SBA 504 LOAN PROGRAM
NEPA Alliance Business Finance Center Loan Program
Pennsylvania First Program
On-the-Job Training (OJT)
On-the-Job Training (OJT) is available to the local business community and provides up to a 50 percent hourly wage reimbursement for new hires. OJT must be utilized for Workforce Innovative and Opportunity Act (WIOA) eligible persons, which includes dislocated workers or low-income adults.
Incumbent Worker Training
Although the majority of training opportunities through the public workforce system are for individuals who are unemployed or underemployed, many states and local areas also support incumbent worker training as a critical facet of their regional economic development strategy. In fact, lifelong learning is increasingly the norm-and continuous skill development is often required to keep a step ahead of the global competition.
WEDnetPA Workforce & Economic Development Network
Pennsylvania’s WEDnetPA Training Program helps businesses stay competitive by offering funding to help employees maintain a diverse skill set. Employers can determine their own workforce training needs and choose from 27 WEDnetPA partners, third party providers or in-house staff to conduct their training initiative. This resource is employer-driven, allowing businesses to remain competitive while keeping their workforce’s skills current and relevant.
Work Opportunity Tax Credits (WOTC)
Work Opportunity Tax Credit is a federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment. Employers claim about $1 billion in tax credits each year under the WOTC program. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit, and there are a few simple steps to apply for WOTC.