EDC Finance Corporation
by Erin Lyons
EDC Finance Corporation is pleased to announce the addition of two new regional partnerships with Adams County Economic Development Corporation and Cumberland Area Economic Development Corporation. The purpose of these strategic alliances is to offer the U.S. Small Business Administration’s 504 loan program to businesses in Adams and Cumberland Counties. Through a signed strategic alliance memorandum Adams and Cumberland Counties agreed to market the SBA 504 program to businesses in their communities while EDC Finance Corporation retains the responsibilities of packaging and servicing the SBA 504 loans.
“EDC Finance Corporation is pleased to expand its regional footprint into the Adams and Cumberland County economic development community, and to have the opportunity to bring our expertise regarding the SBA 504 loan program into these counties. This program has been integral in helping businesses in Lancaster and York Counties to grow and prosper and the continued expansion of this program will only benefit small business owners in Adams and Cumberland Counties,” said David Nikoloff, President of EDC Finance Corporation.
The SBA 504 program has been a tremendous asset for businesses in Lancaster and York Counties, and these alliances present area businesses with a valuable resource for investment in their companies, while providing the EDC’s with another tool to help support growing companies.
“The Adams County Economic Development Corporation is pleased to partner with EDC Finance Corporation and the Small Business Administration to offer the businesses of Adams County another tool to grow, expand or relocate their business and create new job opportunities in our community. Our partnership with EDC Finance Corporation is a natural one as we currently function as regional partners to market economic development opportunities for South Central Pennsylvania. We very much look forward to continuing that relationship and creating this new one,” said Robin Fitzpatrick, President, Adams County Economic Development Corporation.
The partnerships are designed to provide small and medium sized companies in Central Pennsylvania with long-term, fixed rate financing which is typically available only to larger businesses. A company’s access to the SBA 504 loan program makes a substantial impact on its ability to grow its business, expand facilities and create jobs.
EDC Finance Corporation has approved 56 SBA 504 projects for more than $46 million in funding since being designated a Certified Development Company in 2008. The SBA 504 program has assisted businesses of all varieties; including restaurants, manufacturers, hotels, service providers and medical practices. The SBA 504 program is designed to assist for-profit businesses in expansion or relocation efforts.
“CAEDC is extremely excited about being part of this regional partnership. This alliance will create a greater awareness of the program in the region and in Cumberland County, and will help support the businesses as they look to expand and create new jobs. This partnership also shows the significant value in collaborating on a regional level to provide local access to long-term, fixed rate, low equity economic development financing for the businesses in south central Pennsylvania,” said Jonathan Bowser, Economic Development Director at CAEDC .
For more information about the Adams County Economic Development Corporation, Cumberland Area Economic Development Corporation (CAEDC) and EDC Finance Corporation’s partnership or the SBA 504 program, please contact: Ms. Kaycee Kemper, Director of Business Development, Adams County Economic Development Corporation, 717-334-0042 ext 2 / firstname.lastname@example.org; or Jonathan Bowser, Director of Economic Development, Corporate VP, Cumberland Area Economic Development Corporation, 717-240-7181 / email@example.com; or David Nikoloff, President of EDC Finance Corporation 717-397-4046 / firstname.lastname@example.org.