Finding funds to support your start-up can be confusing. There are numerous options, various deadlines, specific criteria and requirements. It’d be useful to have a concise resource but for now, I’ve streamlined a list to make it easy for you to know what funding is available now.
For success and sustainability, you need to figure out, ”How am I going to fund my business?” Don’t fret. If you put thought, planning and a little knowledge behind it, you will have a plan that will support your product and employee needs during the day and provide you stress free and restful nights.
In addition to loans from your bank, family or friends, there are quite a few financial assistance and funding options available throughout the year. Let this be your resource for some funding sources that are currently active and can help get your business up and running.
LERTA
If you are a business with commercial property in Erie, the LERTA (Local Economic Revitalization Tax Assistance) program was recently approved and allows for a 10-year, 100-percent tax abatements on city and county taxes for improvements made to commercial and residential properties citywide. For more information contact Chris Groner, Director of Economic and Community Development at (814) 870-1272 or email, cgroner@erie.pa.us
Click here to learn more.
The Flagship Fund
The Flagship Fund is the City of Erie’s first ever Micro-Grant program for small businesses. Established to provide financial assistance to support market-ready products and services. Funding awards will be granted up to $5,000. A 1:1 funding match is required and grant dollars will be awarded on a reimbursement basis. Start-ups and established businesses from any sector are welcome to apply.
Deadline: July 31, 2019
Click here to learn more.
Façade Grant
Beautification of towns helps improve livability and increase tourism. The Façade Grant provides financial assistance for projects that improve the exterior of deteriorating buildings to be used by City of Erie businesses. The façade improvements must include activities that reduce or eliminate specific conditions of blight or physical decay. Grant funds may only be used for the street-facing portion of the exterior of the property. Projects may also include corrections for certain City Code Violations and Americans with Disabilities Act (ADA) accessibility.
Deadline: Rolling Application
Click here to learn more.
The Commodore Fund
The Commodore Fund is the City of Erie’s business development assistance program for real estate development, equipment investment, and business expansion to companies that are investing and creating jobs in the City, bringing market-ready products and services. Assistance of up to $25,000 is available for projects creating at least 10 new jobs in the City. Support of up to $10,000 will be available for expansions and investments resulting in 5 new jobs created. A 1:1 funding match is required.
Recipients are expected to embody the City of Erie’s reputation for innovation and creativity, a thriving and sustainable business culture, and improving quality of life for our residents.
Deadline: Rolling Application
Click here to learn more.
Big Idea – Dubois
Ben Franklin Technology Partners is looking for tech entrepreneurs, developers, or small manufacturers who are creating innovative new products, processes, or software applications in the Dubois area. Your big idea could mean a $50,000 prize! In addition to the prize money, the winner will receive eMarketing and other small business support specific to tech companies. Check out their last BIG IDEA award event held in Erie, PA.
Deadline: September 24, 2019
Click here to learn more.
Artist Fellowships
Each year, Erie Arts & Culture is pleased to make available Artist Fellowships of up to $6,000 to individual artists living and working in Erie County, PA for unrestricted use. The program is designed to support the ongoing growth and development of Erie County’s creative community. Funding for this program is made possible by contributions made to the Erie Arts Endowment, United Arts Fund, and special giving events like Erie Gives Day.
Artist Fellowships are not project grants but are instead intended to fund an artist's vision as displayed across a single criterion of work. Applications from Visual Artists and Media Artists will be reviewed in 2019. The 2020 cycle will be open to Performing Artists and Language Artists.
Deadline: July 15, 2019
Click here to learn more.
The Progress Fund
The Progress Fund is headquartered in Greensburg, PA and provides financing from $20,000 to over $1 million to people who are starting, expanding or buying small businesses.
Loans can be used to purchase property, restore and rehabilitate buildings, purchase inventory or equipment, buy the assets of an existing business, and for working capital. The interest rate is variable based on the risk of the project. Terms are typically five to fifteen years. The Progress Fund has invested heavily in the tourism industry for it offers unique opportunities for those in small rural communities. They have backed B&BS and restaurants, wineries and distilleries, manufacturers, professional service firms and many other great small businesses.
Deadline: Ongoing
Click here to learn more.
Bridgeway Capital
Bridgeway Capital offers flexible loans and business education to grow small businesses and help them provide employment opportunities in low-income communities. The loan can be used for as working capital to start-up or expand your business, to purchase equipment or to make a real estate acquisition or renovation.
Deadline: Ongoing
Click here to learn more.
Ben Franklin
Ben Franklin Technology Partner of Central and Northwestern PA provides startup funding and business support services to tech-based startups and small manufacturers. Funding can be used for software or prototype development, beta testing, trade show participation and staffing.
Deadline: Ongoing
Click here to learn more.
Other Funding
One large funding resource database is the Pennsylvania Department of Community and Economic Development. If you’re seeking funding for a business venture, a community project or site revitalization in Pennsylvania, DCED offers a variety of programs to help. Program directories for Business and Community & Local Government are available in a convenient downloadable PDF format. You can also perform a funding program search or just peruse their funding business matrix.
Gage impact
A solid and comfortable funding plan is important for your business. Always consider impact when considering your options – the impact money will have on your product, sales and service i.e. your revenue and the impact it will have on your expenses. How impact is balanced for growth and sustainability is unique to every business.
Watch my blog for an article each quarter on what funds are open for applications. If you need more direction with funding, I’m here to help answer your questions. Just click here to send an email my way.