Seven Bethlehem startups are sharing $405,567 in tax credits awarded through the Keystone Innovation Zone tax credit program.
The KIZ program, administered through the Pennsylvania Department of Community and Economic Development, provides startups with working capital, making companies more attractive to venture investors.
The latest beneficiaries include NextShift LLC, CryoConcepts, U.S. Specialty Formulations and Bonn Place Brewing Co., each of which received $84,182.
Logic 54 LLC received $30,799; Mind Me Inc. received $29,241 and Soltech Solutions LLC received $8,799.
All of the companies are located in the Southside Bethlehem Keystone Innovation Zone, which is administered by the Bethlehem Economic Development Corp.
“These sellable tax credits are investments in young, growing companies that have seen a significant increase in annual revenue. This infusion of funding is a real game-changer,” Mayor Bod Donchez said in a statement.
Companies eligible for the KIZ Tax Credit Program include those that have been in operation for less than eight years, whose gross revenues have increased over the previous year, are located in a Keystone Innovation Zone, and are operating within a targeted industry sector such as information technology or advanced manufacturing/diversified materials.
“Every day, Pennsylvania’s tech sector is growing stronger,” Pa. Gov. Tom Wolf said in a statement. “Our role at the state level is to help foster that growth. By supporting our tech entrepreneurs, we’re creating jobs, enabling business growth, and making Pennsylvania a national and global leader in innovation.”
More information can be found on the Bethlehem KIZ’s website http://www.southsidebethlehemkiz.com.