Category: Business Development
In 2009 nationally acclaimed consultant Roger Brooks visited York County and recognized that our strength lies not only in our manufacturing base but in the creativity and innovation of our workers.
The same ingenuity that redesigned industrial production in the 1940’s, adopted by the government as the “York Plan”, is alive and flourishing today as independent professionals collaborate in multiple co-work locations; as culinary creatives grow their product lines into multiple new businesses through a shared commercial kitchen incubator at YorKitchen; and as customized robotic automation systems are designed at Weldon Solutions.
With the recent funding of projects early in 2015, YCEA’s total SBA 504 closed loan balance with EDC Finance Corporation has eclipsed the $5 million mark. In 2014, several key projects received SBA 504 approval including Wyndridge Farms, Star Light Diner and Centurion Construction, as YCEA continues to ramp up promotion of this valuable financing option for small businesses. As a quick summary to the YCEA / EDC Finance partnership, YCEA and EDC Finance Corporation (EDC Finance)
SBA 504 loans allow small businesses to finance up to 40% of their real estate and equipment projects through a fixed rate loan that is subordinated to the bank’s participation in the project. For-profit businesses that have a tangible net worth < $15 million as of their last fiscal year end and a 2 year average net income (after taxes) of < $5 million are considered “small” by SBA 504 standards. If the business happens to exceed one of those categories, not to worry. Certain industries (mainly related to manufacturing) have alternate size standard options that focus on the number of employees instead of the size of the company’s financial statements. The best way to find out more about SBA 504 financing is to call Kenetha Hansen at 717.718.7841.
As the Department of Community & Economic Development (DCED) prepares for BIO 2015, in Philadelphia June 15-19, they are beginning to gather the best stories, announcements and breakthroughs from Pennsylvania life sciences companies to share with media attending the show.