2009 Archives
CREDC Recertified by State to Provide Loans to Cumberland and Dauphin County Businesses
HARRISBURG, PA (October 27, 2009) - CREDC (Capital Region Economic Development Corporation), the economic development corporation of the Harrisburg Regional Chamber, has received word from the Department of Community and Economic Development (DCED) that its application for recertification for Area Loan Organization designation for the Small Business First Program in Cumberland and Dauphin Counties has been approved by DCED.
In a letter from Dorothy D. Kaplan, Deputy Secretary for Business Assistance at DCED, she writes, "The organization (CREDC) has met the qualifications set forth in the certification guidelines and is approved to administer the Small Business First loan program. Thank you for your interest in becoming a certified provider and assisting the Department in ensuring that businesses seeking financing through the Small Business First loan program receive the best service possible."
CREDC has been packaging Small Business First loans, including its predecessor program the Pennsylvania Capital Loan Fund, since 1985. CREDC has packaged $18,961,522 in Small Business First loans since 2001. Cumberland and Dauphin Counties have ranked in the top 10 statewide in the Small Business First program through CREDC's work with local businesses and local banks.
David Black, President of the Chamber & CREDC said, "While $18 million is an impressive number, it is important to realize that Small Business First is just one program in our economic development tool kit. Since 2001 we have packaged over $80 million in loan and grant programs for local companies which has leveraged over a quarter of a billion dollars in equity and bank financings for the creation and retention of over 10,000 jobs in the region. We are pleased to play a part in helping local businesses grow and create jobs in partnership with the regional banking community. We appreciate DCED's confidence in our ability and recognition of our professionalism, experience and track record."
DCED is now requiring Area Loan Organizations to submit for recertification every year beginning in 2011. DCED also does regular program audits on site with Area Loan Organizations around the state to ensure underwriting criteria is followed, records and confidentiality is ensured and clients are fulfilling their obligation under the program.
The Capital Region Economic Development Corporation (CREDC), is the economic development arm of the Harrisburg Regional Chamber, and is the leading organization for promoting and performing economic development activities in Cumberland, Dauphin and Perry counties. The group offers a variety of programs and resources to help attract, retain and expand business in the region including the Murata Business Center in Carlisle.
The Harrisburg Regional Chamber & CREDC serves as a catalyst for promoting growth and quality of life in Cumberland, Dauphin and Perry Counties by providing a unique blend of business, community and economic development and advocacy services under one roof to boost our economic vitality and livability as a region. HRC/CREDC has been accredited with four stars from the United States Chamber of Commerce.
