EDC Finance Corporation
by Lyle Hosler, Vice President
We want to send you this important announcement to let you know about several updates from EDC Finance Corporation. It has been a while since you have heard from us electronically regarding economic development news throughout South Central PA. During that time we have been revamping our communication processes and implementing important EDC Finance loan related activities in order to further our ability to serve the economic development needs of Lancaster County and the surrounding region. Below is a summary of the important items that have taken place over the past several months:
Revised E-News Delivery
: EDC Finance has revised our entire internal contact system. Our goal is to deliver concise economic development news and project announcements in a timely manner to keep you well informed. Stay tuned in the coming weeks for exciting news updates and project announcements.
: EDC Finance Corporation’s use of the SBA 504 program has truly gone regional! Since becoming an authorized SBA 504 lender in 2008, EDC Finance Corporation has now booked loan approvals for projects in Adams, Berks, Dauphin, Lancaster, Lebanon, and York Counties. In addition, we have even approved an SBA 504 project in Kent County, Delaware for an expanding Lancaster County business.
Enhanced Staffing Services
: EDC Finance has bolstered our staff to include three experienced loan officers and dedicated staff focused solely on efficiently closing and servicing your loans. Our staff is positioned to cover a regional SBA 504 footprint with the knowledge and ability to get your loans approved and closed in a timely manner.
Top Ranked SBA 504 Approval Times
: Over the past three months, EDC Finance has achieved the 4th best average approval timeframe in the entire country at 2.90 days for SBA 504 debentures. In other words, from the time a 504 application leaves our office, the SBA has a commitment letter to us in an average time of less than 3 days. Our 2.90 day average is the best in the entire state of Pennsylvania and is just slightly behind the top ranking in the country at 2.50 days.
Working to Bring Back SBA 504 Refinance
: EDC Finance Corporation has been working closely with the National Association of Development Companies (NADCO) to assist in the request to bring back the very popular SBA 504 refinance program that expired in September 2012. Our staff traveled to Washington, D.C. in March 2013 to meet with key members of the House and Senate to express the need to bring refinance back to the SBA 504 menu. At the present moment, 5-year SBA 504 refinance extension bills have been introduced in both the House and Senate and we will keep you posted on their progress.
The above is just a summary of the key items taking place with EDC Finance. Our goal is to be Central PA’s premiere source for the SBA 504 program and to keep you informed about project activity and important economic development news. Stay tuned for more exciting information to come throughout 2013!
Vice President, Director of Finance