Ramping Up New Funding Program For Small Businesses
New funding program for local small businesses ramps up
EDC Finance Corporation is advancing its PA State Small Business Credit Initiative (SSBCI), a new loan program targeted at for-profit businesses or farms with fewer that 500 employees. EDC Finance Board of Directors approved the program's policy guidelines at its April 24 meeting.
"We are excited by this new opportunity to engage with and, ultimately, support the robust community of small business owners that don't typically fit into any of our existing financing programs," says Jessica Hamilton, director of EDC Finance.
Under the SSBCI, which was announced by then-Governor Wolf in September 2022, the PA Department of Community and Economic Development (DCED) is distributing $246.8 million to economic development partners from across the state.
EDC Finance was selected to receive $5.1 million to establish a revolving loan fund for small businesses in Lancaster County as well as Adams County (in partnership with the Adams Economic Alliance).
A percentage of SSBCI funding is to be allocated to very small businesses – those with fewer than 10 employees – and businesses owned by socially and economically disadvantaged individuals (SEDI).
To learn more about the key benefits, intended uses, and general eligibility requirements of the SSBCI program, or to request more information about how to apply, visit edcfinance.com/ssbci.
EDC Finance's SBA 504 tool supports two area business expansions
EDC Finance is proud to have helped two local businesses in closing a combined $4.7 million in SBA 504 loans. Administered by the U.S. Small Business Administration (SBA), the 504 Loan Program provides long-term, fixed rate financing for major fixed assets – including land, buildings, and equipment – that promote business growth and job creation.
South County LLC (South County Brewing Co.)
EDC Finance partnered with the York County Economic Alliance and Traditions Bank in assisting South County Brewing Co. with the construction of a new 28,000 sq ft headquarters. Located at 170 Crossway Drive in York Township (York County), the craft brewery's new flagship location features an expanded production area, casual dining hall with loft seating, and event/performance space.SBA Loan Amount: $4,200,000
Hometown Refurnishing LLC
Earlier this year, used furniture and home decor purveyor Hometown Refurnishing relocated from its seven-year home in the heart of Ephrata Borough to 20 Snyder Lane in Clay Township. The 12,000 sq ft location provides expanded space – including a large, single-level showroom – along with the convenience of a parking lot.SBA Loan Amount: $545,200
Visit the EDC Finance website to learn more about SBA 504 loan requirements, funding uses, eligibility, and terms.
Welcome New Members
EDC relies upon annual Membership dues to support the many strategies and activities that are aimed at retaining, growing and attracting business within the County. Please join us in thanking our newest Associate Members for investing in the long-term economic health of Lancaster County!
To view a full listing of current EDC Members and to learn more about EDC Memberships, visit edclancaster.com/members.
EDC IN THE NEWS
Incubator offers real-life opportunities for students (Central Penn Business Journal, 3/28/23)
WHAT'S OPENING: A life-sciences incubator on the campus of Millersville University (BizNewsPA, 3/30/23)
Lancaster County consumer sentiment dives in March survey (LNP | LancasterOnline, 4/2/23)
Lancaster County seniors hit hard by inflation (LNP | LancasterOnline, 4/2/23)
Pa. authority finalizes guidelines for distributing $200 million in broadband grants (One United Lancaster, 4/6/23)
Can a ‘Strong Towns’ approach fix Lancaster County’s affordable housing crisis? (One United Lancaster, 4/14/23)
An annual event benefitted several Lancaster locations to mark Earth Day (WGAL, 4/20/23)
UPCOMING EVENTS
Small Business Weeks (April 30 - May 6)
Coinciding with the SBA's annual National Small Business Week celebration, Governor Josh Shapiro has proclaimed April 30 - May 6, 2023 as PA Small Business Week. Follow the #PASmallBiz23 hashtag online or visit business.pa.gov to learn more.
Economic Development Week (May 8-12)
Created by the International Economic Development Council (IEDC) in 2016, the annual Economic Development Week seeks to increase awareness of local programs that create jobs, advance career development opportunities, and improve the quality of life in communities everywhere. Learn more at Economic Development Week.
