(l to r) Chester County Economic Development Council CEO Gary Smith, CCEDC President and COO Michael Grigalonis and CCEDC Board Chair Bill Stedman
The Chester County Economic Development Council (CCEDC) is releasing key milestones for fiscal year 2024, after a year of remarkable growth for the 64-year-old organization.
More than 200 local business and community leaders, spanning every major regional industry, were in attendance as CCEDC showcased the end-of-year milestones at its 14th Annual Stakeholders’ Breakfast held at the Desmond Hotel in Malvern, PA on Friday, November 22.
“The CCEDC team is now the largest and most experienced in our history, delivering more programs and services across Chester County and frequently extending beyond our borders to deliver economic development activities across the region,” said CCEDC President and COO Michael Grigalonis. “All of this was made possible by the investors, sponsors, partners and volunteers who have gone beyond their traditional support for our organization.”
CCEDC’s 2023-24 highlights in the areas of location services, financing solutions, workforce development and innovation & entrepreneurship are summarized in the digital edition of CCEDC’s Annual Report 2023-24 found at https://ccedcpa.com/2023-24-annual-report/
- 130 key regional development projects are underway, after $98,138,481 in total funding was facilitated by CCEDC for projects for area businesses.
- During fiscal year 2024, CCEDC’s lending affiliate, Seedcopa, continued to be a leading SBA 504 lender in Pennsylvania while adding loan volume in Delaware as expansion continued in the First State. A total of 27 business owners received loans facilitated by Seedcopa and 14 lending partners, with $58,652,791 in total project funding. Eleven counties were served: Berks, Bucks, Chester, Cumberland, Dauphin, Delaware, Luzerne, Mongomery, New Castle, Northampton and Philadelphia.
- Nearly two years after the Pennsylvania Catalyst Loan Fund was created with $20 million in ARPA funds, CCEDC continued to administer the program to nontraditional borrowers in nine counties across southeastern and central Pennsylvania: Berks, Bucks, Chester, Cumberland, Dauphin, Delaware, Lebanon, Montgomery and Perry. Of the 42 loans closed in fiscal year 2024, 88% went to Socially and Economically Disadvantaged Individuals (SEDI), and 70% went to very small businesses.
- The past year’s location services provided by CCEDC were characterized by strategic investments in education and health care, including Chester County’s first inpatient psychiatric unit in nearly two years at Haven Behavioral Hospital in West Chester. Funding for the $20 million renovation project included a Redevelopment Assistance Capital Program (RACP) grant facilitated by CCEDC. The organization also assisted with the 81,500-square-foot expansion of Avon Grove Charter School made possible with a USDA grant and financing from a tax-exempt loan through the Chester County Industrial Development Authority (CCIDA).
- Workforce programs continued to be a cornerstone of CCEDC’s operations, with 3,640 youth exploring careers, 393 employees trained, 349 dislocated workers served and 1,219 employers participating in our program during fiscal year 2024. In addition, CCEDC launched Project RECONNECT with a $2 million grant from the PA Department of Labor & Industry grant to help 111 individuals re-engage in post-secondary education in order to earn a degree or credential. 94% report being employed after having completed the program.
- Over the past year, CCEDC’s Ideas x Innovation Network (i2n) has increased visibility and investor engagement by assisting entrepreneurs, innovators and startups. Collectively, i2n entrepreneurs filed 18 patents, secured $512,109 in KIZ tax credits and invested $7,907,775 in R&D.
- AgConnect became a public/private partnership between CCEDC and the County of Chester. This change allows the program to broaden its scope, including implementing the Chester County Agricultural Economic Development Strategic Plan aimed at fostering growth and sustainability in the county’s agricultural sector.
Sponsors of CCEDC’s 14th Annual Stakeholders Breakfast include platinum sponsors Bentley, CTDI, Howell Engineering, Lockton and PA American Water; gold sponsors Fischer Cunnane, Fulton Bank and Key Financial, Inc.; silver sponsors CCRES Educational & Behavioral Health Services, Chester County Intermediate Unit, Comcast, JGM, Inc., M&T Bank, Saul Ewing LLP and Warfel Construction Company.
