Keystone Innovation Zone

The Keystone Innovation Zone (KIZ) program is an economic stimulus initiative administered through the Commonwealth’s Department of Community and Economic Development (DCED). The program pairs Institutions of Higher Education (IHE) with the local economic development corporations to form ‘knowledge neighborhoods’. 

Huntingdon County’s KIZ program pairs with Juniata College and Huntingdon County Business and Industry, Inc. to encourage commercialization of the cutting-edge research being conducted in the area.  The KIZ can provide customized business support including assistance with marketing, accounting, business plan generation, and financing opportunities if all conditions are met.  

Target Industry Sector

  • Information Technology
  • Life Sciences
  • Advanced Manufacturing and Materials
  • Alternative Energy/Environmental Technology

Eligibility Criteria

  • Less than 8 years old
  • Located within a designated KIZ geographical area
  • Innovative product or service operating within a target industry sector

Benefits

  • Transferable tax credits (up to $100,000 a year)
  • One-on-one consultation and support
  • Preference on state financing programs
  • Access to Juniata College resources
  • Internship and workshop programs
  • Micro grant opportunities (Community Innovation Initiative)

Community Innovation Initiative

Huntingdon County’s KIZ has also developed a Community Innovation Initiative program to offer micro grants to new and existing community KIZ companies.  The Huntingdon County/Juniata College Keystone Innovation Zone (HC/JCKIZ) Community Innovation Initiative allows Huntingdon County Business and Industry, Inc. (HCBI) and the HC/JCKIZ to leverage community dollars for local small-business development in one of the 4 sectors listed above in Huntingdon County thus growing and improving the local economy.  These micro-grants can be applied for the purposes of:

  • Patent application
  • Professional services for transfer of technology (attorney fees, professional consultative services, regulatory compliances, etc.)
  • Market analysis
  • Product prototype and testing
  • Equipment purchase
  • Trademark application
  • Hiring an intern (HCBI Director of HC/JC KIZ will assist in intern selection and placement)

 

Partners

Huntingdon County Business and Industry, Inc.

Juniata College

Juniata College Center for Entrepreneurial Leadership

Ben Franklin Technology Partners of Central and Northern Pennsylvania

Huntingdon Chamber of Commerce

Huntingdon County Commissioners

Huntingdon County Planning & Development

Huntingdon County Enterprise Zone Revolving Loan Fund

The St. Francis Small Business Development Center

Life Sciences Greenhouse of Central Pennsylvania

Ben Franklin Venture Investment Forum

For more information or questions contact Amy Sheaffer at 814-641-6690 or KIZ@hcbi.com.

 

Keystone Opportunity Zone

Huntingdon County has several parcels of land that are designated Keystone Opportunity Zones (KOZ). The program is designed to encourage business to locate in underutilized parcels that are strategically located in commercial districts. Benefits to businesses moving into a KOZ include increased opportunity for state funding and tax abatement (property tax, sales and use tax, business gross receipts, business occupancy, business privilege and mercantile tax). Riverview Business Center in Mount Union and a portion of the Broadtop Business Park are currently KOZ properties with expiration dates of 2010 and 2013 respectively.

Enterprise Zone

Huntingdon County’s Enterprise Zone (EZ) is one of 24 designated EZ’s throughout Pennsylvania. Huntingdon received its designation in 2003 through the Pennsylvania Department of Community and Economic Development (DCED). The purpose of the EZ is to improve the standard of living by revitalizing these areas, attracting new businesses to the area and creating job opportunities. Manufacturing and Industrial businesses are applicable for EZ funds through DCED. Huntingdon’s EZ designation ends July 2010.

EZ Competitive loans are granted to Huntingdon County and re-loaned to the individual companies. The monies granted to Huntingdon County stay within the county and are not paid back to DCED

To date, Huntingdon County has received three competitive loans. In 2005, Bonney Forge Corporation and JR Wald Inc. received EZ funding, followed by Mutual Benefit Group in 2006. The monthly loan payments received from the three companies are paid into the Huntingdon County Enterprise Zone Revolving Loan Fund (RLF). The payments accumulate in the RLF and are used for smaller loans ($15,000 to $75,000) to companies in the designated area. Since April 2007, Huntingdon County has provided nine companies with monies through the RLF. The nine loans account for the retention of 38 jobs in Huntingdon County and potentially creating more than 15 new jobs within the next three years. Even though the Huntingdon County EZ designation from the state expires in 2010, the loan payments received will continue to replenish the RLF and insure smaller loans to companies indefinitely.

The Huntingdon County EZ, includes parts of Union, Smithfield, Shirley, Porter, Henderson, Brady and Walker townships, as well as, Huntingdon, Mount Union, Mill Creek and Mapleton boroughs.

To learn more about the EZ program, contact Susanne House by calling 814-641-3735 or by emailing houses@juniata.edu.

Microloan Program

Huntingdon Borough offers a low interest loan program to low or moderate income business owners. The loans will assist owners in establishing, stabilizing, or expanding their business in Huntingdon Borough, specifically the central businesses district.

The Huntingdon Borough loan package is available for amounts up to $32,000 per applicant, subject to availability of loan funds; current interest rate for the program is 3%. Priority will be given, in part, based on the owner not being able to secure funds for business development from a private lending institution.