Chester County Economic Development Council Unveils Economic Milestones for Unprecedented 2019-2020 Fiscal Year

Chester County Economic Development Council Unveils Economic Milestones for Unprecedented 2019-2020 Fiscal YearCCEDC President and CEO Gary W. Smith

EXTON, PA —  Concluding an unprecedented fiscal year 2019-2020, the Chester County Economic Development Council (CCEDC) recently unveiled key milestones that emerged in an economy upended by COVID-19.

CCEDC spotlighted the end-of-year data at its 10th Annual Stakeholders’ Meeting held virtually on Thursday, November 5. The organization’s stakeholders include hundreds of partners, investors and volunteers spanning every major county industry.

“The year will certainly go down as one of our most challenging ever,” said CCEDC President and CEO Gary W. Smith. “We began this fiscal year with a strong economy that was undermined when COVID-19 introduced turmoil to our professional and private lives. Yet the business community has persevered.

“Working with Chester County, CCEDC forged a true public/private partnership to bring our collective resources and talents together to assist our entire community. As a result, CCEDC transformed its organization to administer support to nearly 1,000 companies through no-interest loans, grants and other COVID-19-related assistance.”

READ:  Chris Annas Inducted into Chester County Hall of Fame

Partnering with Chester County government and area Chambers of Commerce to continually assess the needs of companies during COVID-19, CCEDC reported:

  • Assistance to 98 companies with applications to attain $7,361,046 in funding through Pennsylvania’s COVID-19 Working Capital Access (CWCA) program
  • Assistance to bank partners and local businesses in processing 582 Paycheck Protection Program Loans totaling $58,272,460
  • Administration of $5,076,446 in grants to 248 companies through the Chester County Main Street Preservation grant program.

“I am proud of the public/private partnerships we continually forge in Chester County to ensure smart growth,” said Marian Moskowitz, CCEDC Board Chair and Chair of the Chester County Board of Commissioners. “We leaned heavily on this model this year as so many organizations, including CCEDC, worked to respond to the economic crisis triggered by COVID-19.”

READ:  Election Process Runs Smoothly in Chester County

In addition, CCEDC reported the following milestones during the 2019-2020 fiscal year, which coincided with its 60th anniversary year:

  • Financing Solutions: Had a banner year financing 582 business projects totaling $1,646,162,233
  • Location Services: Collaborated on 17 economic development projects throughout Chester County; sourced PPE through CCEDC’s network of more than 30 volunteers on its Global Business Advisors board; built strategic relationships with Lithuania, Japan and Singapore to position Chester County as a destination for international companies to enter the U.S. market.
  • Workforce Development Services: Involved more than 7,400 participants in workforce development activities, including training 1,213 individuals, assisting 210 dislocated workers and supporting 3,854 youth participants in career exploration activities
  • Innovation Culture: Supported 122 local startups, provided 79 business-to-business referrals, invested $844,000 in KIZ funding and leveraged an additional $4.4 million in funding.
READ:  Commonwealth Announces Recipients of Clean-Energy Sector Grants

The work of CCEDC is supported by businesses spanning every major industry, from startups to Fortune 500 companies, including Stakeholders Event spotlight sponsor RKL, platinum sponsors Bentley Systems and CTDI, as well as gold sponsors Cerner, Chester County Regional Education Services, Fischer Cunnane & Associates, Riley Riper Hollin & Colagreco and The Vanguard Group.

A complete copy of the CCEDC’s 2019-2020 Annual Report is available at http://annual.ccedcpa.com/.

Thanks for visiting! MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Please consider supporting us in our efforts. Your generous donation will help us continue this work and keep it free of charge. Show your support today by clicking here and becoming a patron.