EXTON, PA — The Chester County Economic Development Council (CCEDC) is releasing key milestones for fiscal year 2022-2023, after a transformative year in which 21 regional economic development projects are underway and $20 million in new funding was approved for CCEDC to manage the PA Catalyst Loan Fund serving small businesses in 8 counties.
“This has been a remarkable year of new directions and charting new courses to fulfill CCEDC’s mission of promoting business and community prosperity while preserving our quality of life across southeastern Pennsylvania,” said CCEDC President and COO Mike Grigalonis. “The new directions we have pursued are in the spirit of expanding our reach to serve more people, more businesses and more communities.”
Almost 200 local business and community leaders spanning every major regional industry were in attendance as CCEDC showcased end-of-year milestones at its 13th Annual Stakeholders’ Breakfast held at the Desmond Hotel in Malvern, PA on Friday.
CCEDC’s 2022-2023 highlights in the areas of location services, financing solutions, workforce development and innovation & entrepreneurship include the following, all of which are summarized in the digital edition of CCEDC’s Annual Report 2022-2023 found at https://annual.ccedcpa.com/.
- CCEDC launched the Pennsylvania Catalyst Loan Fund serving eight counties across southeastern and central Pennsylvania and offering small balance loans to nontraditional borrowers who otherwise may not have access to loan funds. To date, 23 loans have been approved. Many are participants in CCEDC’s New Business Champions program, which advanced this year from a pilot program to a fully funded program providing technical assistance to 66 businesses owned by women and minority entrepreneurs. READ MORE
- 21 key regional development projects are underway, with a notable uptick in advanced and high-tech manufacturing projects including International Paper, Purolite, Piasecki Aircraft and Edlon Fluoropolymers. Other projects are funded by Redevelopment Assistance Capital Program (RACP) grants that support infrastructure and construction projects driving industry expansion, enhanced capacity for non-profits and job growth. READ MORE
- Total project financing soared to $92,793,762, despite increasing interest rates and costs of construction. Fueled in no small part by the PA Catalyst Loan Fund, loan activity was also strong with existing programs such as SBA 504, Pennsylvania Industrial Development Authority (PIDA), SBA 7(a) and an internal revolving loan fund called PSBCI.
- CCEDC’s lending affiliate, Seedcopa, was ranked #1 SBA 504 Lender in Pennsylvania by the U.S. Small Business Administration for a third consecutive year as Seedcopa celebrated its 40th anniversary. In addition, a Seedcopa small business borrower was named Eastern Pennsylvania Small Business Person of the Year 2023 by the U.S. Small Business Administration. READ MORE
- Securing state funding for Project RECONNECT was a major step forward in CCEDC’s mission to address the labor crisis, providing a $1.8 million grant for CCEDC to administer a first-of-its-kind, cross-county collaboration to assist at least 100 students in southeastern Pennsylvania with completing their post-secondary education, especially after having withdrawn due to hardship. READ MORE
- CCEDC announced that Mike Grigalonis, CCEDC’s COO and Executive Vice President since 2004, was promoted to President and COO. New leadership was also announced for CCEDC’s Ideas x Innovation Network (i2n), the leading support network helping life sciences and advanced technology companies in Chester County, Delaware County and southeastern Pennsylvania transform their ideas from concept to commercialization. New leadership was also announced for AgConnect, which specializes in connecting farmers and agribusinesses with the resources, training and financing needed to grow their business in southeastern Pennsylvania.
For more information, visit www.ccedcpa.com.
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