CAEDC Partners with EDC Finance Corp on Regional SBA 504 Program

CARLISLE, PA (June 7, 2013) – Cumberland Area Economic Development Corporation (CAEDC) is pleased to announce a new regional partnership with EDC Finance Corporation. This strategic alliance will allow businesses in Cumberland County access to the U.S. Small Business Administration’s (SBA) 504 loan program.

Through the partnership, CAEDC will market the SBA 504 program to businesses and EDC Finance Corporation will retain the responsibility of packaging and servicing the SBA 504 loans. “CAEDC is extremely excited about being part of this regional partnership. This alliance will create a greater awareness of the program in the region and in Cumberland County, and will help support the businesses as they look to expand and create new jobs. This partnership also shows the significant value in collaborating on a regional level to provide local access to long-term, fixed rate, low equity economic development financing for the businesses in south central Pennsylvania,” said Jonathan Bowser, Economic Development Director at CAEDC.
EDC Finance Corporation also partners with Lancaster, York and Adams counties on the SBA 504 program. The partnerships are designed to provide small and medium sized companies in Central Pennsylvania with long-term, fixed rate financing, which is typically available only to larger businesses. A company’s access to the SBA 504 loan program makes a substantial impact on its ability to grow its business, expand facilities and create jobs.
“EDC Finance Corporation is pleased to expand its regional footprint into the Adams and Cumberland County economic development community, and to have the opportunity to bring our expertise regarding the SBA 504 loan program into these counties. This program has been integral in helping businesses in Lancaster and York Counties to grow and prosper and the continued expansion of this program will only benefit small business owners in Adams and Cumberland Counties,” said David Nikoloff, President of EDC Finance Corporation.
EDC Finance Corporation has approved 56 SBA 504 projects for more than $46 million in funding since being designated a Certified Development Company in 2008. The SBA 504 program has assisted businesses of all varieties; including restaurants, manufacturers, hotels, service providers and medical practices. The SBA 504 program is designed to assist for-profit businesses in expansion or relocation efforts.