5 area counties receive grants, access to business loans

Delaware Valley Regional Economic Development Fund provides help to meet coronavirus challenge-

PHILADELPHIA » The Delaware Valley Regional Economic Development Fund (DVREDF) has committed $3.25 million to the five counties in the Greater Philadelphia region to help businesses alleviate some of the impact of the COVID-19 pandemic. A nonprofit organization — the Delaware Valley Regional Economic Development Fund provides financing for projects that promote economic development in Bucks, Chester, Delaware, Montgomery and Philadelphia counties.

The organization has supported the region with $1.25 million in economic grants to the five counties — with each receiving $250,000. In addition, the economic development fund has introduced a back-to-business loan program, making another $2 million available to support a wide range of businesses and needs.

“When COVID came we reached out to the commerce departments and economic development funds to see how could we fill a void,” John Coffman, executive director of Delaware Valley Regional Economic Development Fund said in a Tuesday interview. “For us it was about being a partner to the region and help small business owners as much as we could.”

In Montgomery County, the funds were used in May to help support the second round of the MontcoStrong Small Business Grant Program. On May 29, the county announced that a total of $4,999,500 in grants was awarded to 437 Montgomery County businesses impacted by the coronavirus. The award totals ranged from $9,000 to $20,000.

Tom Ellis, president and chairman of Delaware Valley

Regional Economic Development Fund said his organization has been strategizing since the onset of the coronavirus on how best to free up the grant money “in ways that most benefit the region’s small businesses, with the least amount of red tape.”

SUBMITTED PHOTO As businesses prepare to reopen across southeastern Pennsylvania, the Delaware Valley Regional Economic Development Fund is funding grants and a loan program for small businesses in Chester, Delaware and Montgomery counties. This file photo shows a “punny” marquee at the Colonial Theatre in Phoenixville, which has been closed since March. Theaters must remain closed until Pennsylvania enters the green phase of reopening.