In Bethlehem, Pennsylvania, a novel initiative has been introduced to support businesses in the city’s southern region. The Southside Bethlehem Keystone Innovation Zone (KIZ) has unveiled a financing scheme designed to provide emerging companies with access to capital at reduced interest rates.
The specifics of the program are as follows:
- Loans can be granted up to approximately $50,000.
- A KIZ Technology Transfer Grant is a pre-condition for loan eligibility.
- The initial interest rate is set at 6%, with possibilities for reduction based on the following criteria:
- An interest rate of 5% for products sourced from North America.
- A 3% rate applies to goods sourced within the United States.
- Pennsylvanian-sourced products can enjoy a 2% interest rate.
- Products sourced from the Lehigh Valley are eligible for a minimal 1% interest rate.
- The repayment term of the loan extends over three years.
To qualify for the program, businesses must be for-profit entities situated within the Southside Bethlehem KIZ, in operation for no more than eight years, active within one of the KIZ’s specified industry clusters, and involved in the development of innovative technologies.
This initiative is a strategic part of the efforts by the Bethlehem Economic Development Corporation (BEDCO) to stimulate growth and innovation within the region.
Entrepreneurs seeking more information on this financing opportunity can explore the Southside Bethlehem KIZ’s dedicated portal.
