Economic development on the rise in Chester County as lending volume hits record high

EXTON – Twenty-nine new economic development projects were funded in Chester County for the 2020-2021 fiscal year, in which lending volume reached a record high of over $ 56 million.

This was just one of the Chester County Economic Development Board’s milestones for the fiscal year, presented at the 11th Annual Stakeholder Breakfast held at the Desmond Hotel in Malvern on Friday 19 November. Over 150 local business and community leaders attended, including partners, investors and volunteers spanning all major industries in the county.

Here are the highlights of CCEDC’s milestones for the 2020-2021 fiscal year:

• $ 78,891,964 in total funding for 76 economic development projects, 29 in Chester County, 47 more across the Commonwealth
• Record year in loan volume, with 61 SBA 504 loans totaling over $ 56 million
• $ 11,758,000 in tax-exempt financing
• $ 10,250,000 in redevelopment grants
• $ 86,634,534 in COVID-19 assistance to businesses in the region
• $ 9,959,500 in grants from Chester County Main Street
• $ 5,845,000 in COVID-19 Hospitality Industry Recovery Program (CHIRP) grants
• 4,573 participants in workforce development programs through industry partnerships and CCEDC STEM initiatives, 904 companies engaged in workforce programs
• 2,411 career exploration activities for young people
• Creation of a working group on diversity, equity and inclusion made up of 17 opinion leaders from across the region

CCEDC’s new Diversity, Equity and Inclusion Working Group began an exploratory process that included surveys and interviews with CCEDC staff, the Board of Directors, and minority and minority-owned businesses. women. With this foundation of research, review and candid discussion, CCEDC is poised to begin executing the organization’s DE&I plan in 2021-2022.

“This year and the years to come are dedicated to building a strong, inclusive and prosperous Chester County,” said CCEDC President and CEO Gary W. Smith. “As the global pandemic spanned a second year with widespread health and economic impacts, our country’s ongoing dialogues on race, justice and equality were renewed. Throughout this time, CCEDC has strived to serve and make a difference on these issues and more, while advancing the economic health and prosperity of Chester County and the region.

In addition to these milestones, CCEDC highlighted the following developments in its four core service areas during the 2020-2021 fiscal year:

• Financing Solutions: Seedcopa, the regional financing subsidiary of CCEDC, has been named No. 1 SBA 504 Lender in Eastern Pennsylvania by the US Small Business Administration. Seedcopa was able to support even more borrowers this year with a 53% increase over last year’s lending volume.

• Workforce Development: During Girls Exploring Tomorrow’s Technology (GETT) 20th anniversary year, the one-day program was redesigned during the pandemic into an eight-month virtual experience with activities practices for a global audience.

• Innovation and Entrepreneurship: CCEDC initiatives and programs supported 105 local startups, organized 15 events, including entrepreneurial roundtables and open coaching sessions, and invested $ 867,938 in funding KIZ.

• Location Services: CCEDC has worked with Cheyney University and Mosaic Development for three years on a public-private partnership that helps identify opportunities for businesses to locate on the Cheyney campus and provides students with opportunities for development. career exploration, training and internship on campus. Today, Cheyney University announced a new innovation space called thinkUbator. This co-action space in the redeveloped Duckrey building will provide laboratory space and infrastructure for emerging companies, researchers, academics and students.

A complete copy of CCEDC’s 2020-2021 Annual Report is available at http://annual.ccedcpa.com/

The Chester County Economic Development Board is a private, non-profit economic development organization that has promoted smart growth in Chester County and the surrounding area for over 60 years. CCEDC offers proven financing solutions, cultivates talent in the workforce, leverages business partnerships and fosters entrepreneurial collaboration. With the support of the private and public sectors, CCEDC initiates, implements and innovates programs that improve the business community and improve the quality of life in Chester County. For more information visit https://ccedcpa.com/