Enterprise Zone Loan
The Shippensburg Enterprise Zone Loan Committee is responsible for reviewing and approving Enterprise Zone Loans within the Borough of Shippensburg. Enterprise Zone loans are available for new business construction or building improvements, site improvements, infrastructure, up to 30% of total project investment to acquire machinery and equipment, and in some special cases, for up to 40% of inventory or working capital needs.
The maximum loan made to any one firm in a given year is $100,000.00. Minimum loan amount shall be $15,000.00. The interest rate is the New York Prime rate as published in the Wall Street Journal less three percentage points, but not less than 2%. The maximum amortization shall be for twenty-five years or in the case of machinery, equipment and other short lived assets, no more than the useful life of the asset as provided by the Internal Revenue Service. For each $30,000 or portion thereof loaned, one full-time job shall be created within 36 months of the loan.
Enterprise Zone Loan Committee meetings are held as required in the Borough Council meeting room located at 111 N. Fayette Street.
Enterprise Zone Loan Committee members are:
Ray Cullen – Chair
Edward S. Goodhart – Treasurer
G. Bryan Salzmann – Solicitor
Enterprise Zone Loan Committee members are volunteers appointed by Borough Council for four year terms.