News

Subject:  DCED Interest Rates

 

Governor Corbett remains committed to putting Pennsylvania back on the path to prosperity through the implementation of strategic policies and initiatives that improve the state’s business climate and encourage new growth.  Toward this end, the administration has identified various fundamental factors that must be addressed to ensure continual economic growth, including the ability of our businesses to access much-needed capital.

 

In December 2012, the Corbett Administration reduced the interest rates of four DCED business loan programs to improve access to capital and encourage business expansion and attraction, and to spur new job creation. Interest rates for the Machinery and Equipment Loan Fund (MELF), the Small Business First (SBF) Program, the Pollution Prevention Assistance Program and the Export Financing Program were reduced from 2.75 percent to 1.50 percent. DCED also waived its standard fees charged to borrowers.

DCED’s lower interest rates were initially available for program applications received through March 31. However, the immediate and positive impacts realized from Governor Corbett’s initiative, led to the extension of the interest rate reduction for an additional three months through June 30. 

 

Since the initial announcement of the interest rate reduction, 42 SBF loan applications and 32 MELF applications have been submitted to DCED for consideration. These 76 independent project proposals forecast the potential creation of more than 1,500 jobs and the retention of more than 8,600 more jobs. In 2011, prior to the interest rate reduction, DCED received a total of 34 SBF applications and only six MELF applications the entire year. The additional loan programs included in the lowered interest rate also had an uptick in applications.

 

As June 30 approaches, I wanted to make you aware that DCED will not be further extending the interest rate reductions. The reduced rate will apply to applications received through June 30, there will be no exceptions.

 

With only a short window of opportunity remaining, I encourage Pennsylvania businesses to take advantage of the reduced interest rates, and submit any outstanding applications prior to the cutoff date. For any questions, please call the Department of Community and Economic Development Customer Service line at 1.866.466.3972 

 

Sincerely,

C. Alan Walker

Secretary

Department of Community and Economic Development

Continuing the momentum of creating a one-stop shop for business growth, the PA Business Development Authority (PBDA) now has a House bill number (HB1550). This is the first time this initiative has secured both Senate and House recognition. 

 

Together, we have the opportunity to transform how businesses thrive in the Commonwealth of Pennsylvania, but we must act now or the opportunity will vanish.  Please join PEDA in voicing your support by sending an email to the sponsor and cosponsors of this legislation, particularly those of you whose representatives are on the bill.

This October 21 - 23, 2013, PEDA will be holding its Fall Conference in Pittsburgh at the DoubleTree by Hilton Hotel & Suites Pittsburgh Downtown.  The Pittsburgh region is recognized as much for its rich industrial history as for its resilience and successful transformation to meet the business, educational recreational recreational needs of its residents and visitors.  Through partnerships, innovations and collaboration, the Greater Pittsburgh region is a shining example of excellence in economic development.  Learn more about the region here.

 

Recent PEDA conferences have focused on current issues, industries and trends pertinent to economic development and to the regions selected for these events.  As our Conference committee and leadership strive to provide high quality content and venues, we also turn our attention to our members and partners whose participation as sponsors, exhibitors and advertisers allows us to continually improve the experience being offered.

 

BENEFITS:

 

As you read about the enclosed sponsorship and exhibitor opportunities associated with the 2013 Fall Conference, I encourage you to also consider partners in your own communities who may benefit from sponsoring this or future conferences or specific keynote speakers or from reserving an exhibit booth at one of PEDA's events.  As the statewide association for economic developers, we believe these venues are ideal for receiving continuing education, making new connections and sharing best practices.  Please consider raising your own profile or that of a partner by participating as a sponsor for the 2013 Fall Conference and feel free to contact me with any questions at 717-441-6047.  Thank you for your consideration.

 

COMMITTED SPONSORS:

 

PLATINUM SPONSOR

 

 

GOLD SPONSOR

 

 

SILVER SPONSORS

 

                                

 

BRONZE SPONSORS

 

            

 

Exhibitors & Supporters:

Team Pennsylvania Foundation

Centre County Industrial Development Corporation

KU Resources

Business & Community Financing Solutions

Economic Progress Alliance of Crawford County

SSM Group, Inc.

Cohen & Grigsby

 

HOTEL ACCOMMODATIONS:

 

Room rates for this conference have been reserved for $159/night for single, double, triple and quad. To make a reservation, please call (800) 222-TREE (8733) (or 412-281-5800) and refer to the 2013 PEDA Fall Conference room block. Reservations may be made until September 19, 2013 or until the expanded room block has been filled, whichever comes first.

 

Pending availability, this discounted overnight rate will be extended 3 days before and 3 days after the conference when referencing the highlighted code above.

 

In April 2013, PEDA distributed its member-developed 2013-14 legislative priorities (PDF WORD) aimed at sustaining Pennsylvania's economic development delivery system and advancing the Commonwealth's efforts to achieve well-being and economic prosperity. Among those priorities was Innovate PA which would potentially provide supplemental funding for 3 years to the BFTDA, the Ben Franklin Partners and PREP regional partners, implement recommendations of the Governor’s Life Science Advisory Council and enhance venture capital efforts and tech-based economic development projects in PA.

 

PEDA has learned that the Senate Finance Committee will be considering SB 456 (Innovate in PA Program) on Wednesday, June 19^th. If your Senator is one of the following members of this committee, please contact them now to request their support.

 

Officers

Brubaker, Mike, Chair

Blake, John P., Minority Chair

 

Majority

Hutchinson, Scott E., Vice Chair

Scarnati, Joseph B., III, Ex‑Officio

Browne, Patrick M.

Eichelberger, John H., Jr.

Greenleaf, Stewart J.

Vance, Patricia H.

 

Minority

Smith, Matt

Teplitz, Rob

Wozniak, John N.

 

Thank you for your continued dedication to the development of a sustainable, innovation driven, 21st century economy.

Best Regards,

Joshua L. Skopp | Executive Director

Pennsylvania Economic Development Association

Pennsylvania Economic Development Institute

908 North Second Street | Harrisburg, PA 17102

Phone: 717.441.6047 | Fax: 717.236.2046

www.peda.org | ~Upcoming Events~

The PEDA Awards Committee is pleased to announce it is now accepting nominations for the 2012 PEDA Membership Awards. All PEDA members play vital roles in the economic well-being of their respective communities and these annual awards are presented to individuals and organizations that have demonstrated outstanding accomplishments in the profession. Please share noteworthy accomplishments by individuals and organizations with your fellow PEDA members by taking this opportunity to publicly recognize those who are most deserving.

 

Winners will be notified as soon as possible prior to PEDA's 2013 Fall Conference, where the award presentations will be made.

 

Obtain more information and download the nomination forms at http://www.peda.org/awards

2012 PEDA Membership Awards Nominations shall be due by 5:00 p.m. on Monday, July 15, 2013 and must be submitted electronically to kimberlycossar@wannerassoc.com.

With PEDA's Spring conferences annually held in the state capital of Harrisburg, we continue the practice of holding our Fall conferences in various locations around the state, allowing our members and their communities to be highlighted for all they have to offer. This October 21 - 23, 2013, PEDA will be holding its Fall Conference in Pittsburgh at the DoubleTree by Hilton Hotel & Suites Pittsburgh Downtown. This region is recognized as much for its rich industrial history as for its resilience and successful transformation to meet the business, educational recreational recreational needs of its residents and visitors. Through partnerships, innovations and collaboration, the Greater Pittsburgh region is a shining example of excellence in economic development. Learn more about the region here.

 

Recent PEDA conferences have focused on current issues, industries and trends pertinent to economic development and to the regions selected for these events. As our Conference committee and leadership strive to provide high quality content and venues, we also turn our attention to our members and partners whose participation as sponsors, exhibitors and advertisers allows us to continually improve the experience being offered.

 

BENEFITS:

As you read about the enclosed sponsorship and exhibitor opportunities associated with the 2013 Fall Conference, I encourage you to also consider partners in your own communities who may benefit from sponsoring this or future conferences or specific keynote speakers or from reserving an exhibit booth at one of PEDA's events. As the statewide association for economic developers, we believe these venues are ideal for receiving continuing education, making new connections and sharing best practices. Please consider raising your own profile or that of a partner by participating as a sponsor for the 2013 Fall Conference and feel free to contact me with any questions at 717-441-6047. Thank you for your consideration.

 

COMMITTED SPONSORS:

Please join our sponsors who have already committed, including:

 

PLATINUM - Pittsburgh Regional Alliance

 

GOLD - Washington County Chamber of Commerce

 

SILVER - Marcellus Shale Coalition, Wells Fargo, National Center for Defense Manufacturing and Machining

 

BRONZE - First Energy, PECO

 

EXHIBITORS, ADVERTISERS & SUPPORTERS - SSM Group, KU Resources, Economic Progress Alliance of Crawford County, Centre County Industrial Development Corporation, Business & Community Financing Solutions, Cohen & Grigsby

 

HOTEL ACCOMMODATIONS:

Room rates for this conference have been reserved for $159/night for single, double, triple and quad. To make a reservation, please call (800) 222-TREE (8733) and refer to the 2013 PEDA Fall Conference room block. Though reservations MUST be made by no later than September 19, 2013, downtown Pittsburgh has a number of scheduled events taking place the week of our conference and - once the room block has been filled - it is unlikely any additional rooms will be available.

If you haven't yet had an opportunity to join the ranks of those registered for the April 29th - May 1st event being held in Harrisburg and related events, please be encouraged to visit the conference website to learn more and register online or, alternatively, to download the conference registration brochure.  You can also take a look at downtown restaurants in advance of your trip and, if you've been on the fence, please note that exhibitor options are still available!   

In addition to the conference agenda, the Pennsylvania Economic Development Institute is offering two pre-conference workshops (separate registration required) focusing, respectively, on Best Practices in Succession Planning for Nonprofits and Detecting Loan Problems and Dealing with Debt Collection.  The final professional development of the fiscal year will be a May 8th webinar entitled Redeveloping Blighted Properties: Financing Tools.  

PEDA and our valued sponsors, exhibitors and advertisers look forward to seeing you in Harrisburg soon!

SILVER SPONSORS

BRONZE SPONSORS

SPONSOR OF DCED ATTENDEES

EXHIBITORs

Moody and Associates, Inc.

Journal Communications

Business & Community Financing

Bette Cring Construction Group

The CFA has agreed to open the following eight programs for business on Tuesday. Five of the programs are brand new and being funded through Act 13, two are alternative energy programs that reopened after being closed for 6 months, and the last program (PennWorks is an infrastructure for economic development program) is reopening.

• http://www.newpa.com/ace
• http://www.newpa.com/pennworks
• http://www.newpa.com/hpb
• http://www.newpa.com/AMDATP
• http://www.newpa.com/BWQDP
• http://www.newpa.com/GTRP
• http://www.newpa.com/OAWP
• http://www.newpa.com/WRPP

 

You are invited to participate in the Technology Showcase on Additive Manufacturing, sponsored by the National Additive Manufacturing Innovation Institute (NAMII) and the Center for Innovative Materials Processing through Direct Digital Deposition (CIMP-3D) at Penn State.  The Showcase will be held at the Penn Stater Conference Center and Hotel on January 8^th, 2013 and has been organized to acquaint industry and government representatives with the broad capabilities of additive manufacturing, as well as providing an introduction to NAMII and CIMP-3D. 

 

To register or gather more information about the event, such as how to be an exhibitor, please visit http://namii.org/event/technology-showcase-on-additive-manufacturing/.