Businesses can continue to count on SEDA-Council of Governments (SEDA-COG) for lending expertise with its successful recertification as an economic development organization by the state Department of Community & Economic Development.
The certification allows SEDA-COG to continue administering the Pennsylvania Industrial Development Authority (PIDA) loan program to eligible businesses in SEDA-COG’s 11-county region.
SEDA-COG met PIDA’s rigorous program requirements of high standards of experience, continuing education, ethics, and professionalism to administer these low-interest loans to businesses which provide vital jobs in the region. SEDA-COG has consistently earned the highest possible rating scores for its performance by the state Department of Community & Economic Development.
Since the certification program began in 2009, SEDA-COG has provided 98 loans for over $17 million in PIDA financing for local businesses. This has leveraged over $48 million of private investment, which together created a total economic impact of $65 million for the region. These projects impacted the retention or creation of over 500 jobs.
For all loans, as of Sept. 30, the SEDA-COG loan portfolio showed a total of 162 open loans from various sources totaling over $26.6 million. These loans have resulted in the creation of 752 new jobs. In addition, there were seven committed loans totaling over $3.7 million, with a projected job increase of 42. During the 12 months ending Sept. 30, 12 loans were settled, totaling over $2.7 million. These loans represented various combinations of sources, and will help to create 23 new jobs.
This kind of positive change is what motivates SEDA-COG’s Business Finance Department, said Roxanne Greising, department director.
“We come to work every day to help local businesses continue to achieve their goals and act as a bridge to their success. When these businesses are successful, not only does it help businesses and employees directly, but it also reinvigorates the region’s economy,” Greising said.
SEDA-COG believes in the future of Pennsylvania’s communities by investing in its businesses and partnering with lenders.
SEDA-COG’s Business Finance staff can help find the loan that’s right for you. Contact SEDA-COG to find out more and start a partnership today: 570-524-4491 or firstname.lastname@example.org.