The North Side Industrial Development Company d/b/a Riverside Center for Innovation has expanded its efforts throughout southwestern Pennsylvania focusing on a systematic approach toward sustainable development in several of the older communities in our region. The purpose of this program is to stabilize financially distressed and disadvantaged municipalities by increasing the capacity to these communities to undertake economic recovery activities through our creation of state designated enterprise zones and Brownfield redevelopment.
The Enterprise Zone concept evolved in the late 1970's and introduced in Pennsylvania in 1983. This program promotes disadvantage communities to grow businesses and create sustainable jobs. Our unique systematic approach helps improves communication between the public and private sectors to form partnerships. Through these partnerships, RCI is able create a revolving loan fund that can be loaned to private sector firms in the designated zone. Other benefits in the zone would be:
- Pennsylvania Industrial Development Authority Loans - a low interest loan program for applicants requesting financing to buy, expand or build a facility.
- Machinery and Equipment Loan Funds - a low interest loan to acquire and install new or used machinery and equipment or to upgrade existing machinery or equipment.
- Small Business First Loans - low-interest loan financing for land and building acquisition and construction; machinery and equipment purchases and working capital.
- Socially and Economically Restricted Businesses - firms located in the zone are provided advantage in bidding on state government contracts.
- Neighborhood Assistance EZ Tax Credit Program - eligible to apply for 20% tax credits against the state corporate net income tax for the value of the improvements.
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