Chester County officials outline highlights of a ‘transformative year’
Economic Development Council updated its stakeholders during annual breakfast
The Chester County Economic Development Council (CCEDC) released key milestones for fiscal year 2022-23 Friday during the agency’s 13th Annual Stakeholders Breakfast. The economic development council described a transformative year, in which 21 regional economic development projects are underway and $20 million in new funding was approved for the organization to manage the PA Catalyst Loan Fund serving small businesses in eight counties.
“This has been a remarkable year of new directions and charting new courses to fulfill CCEDC’s mission of promoting business and community prosperity while preserving our quality of life across southeastern Pennsylvania,” Mike Grigalonis, Chester County Economic Development Council president and COO, said in a statement. “The new directions we have pursued are in the spirit of expanding our reach to serve more people, more businesses and more communities.”
The Stakeholders Breakfast is an event area business and community leaders look forward to each year, and is an opportunity for the agency to update its stakeholders about its achievements. This year, nearly 200 attendees from across every major regional industry attended the event at the Desmond Hotel in East Whiteland. Stakeholders include partners, investors and volunteers.
End-of-year highlights were shared in several areas, including location services, financing solutions, workforce development, and innovation and entrepreneurship, and are summarized in the digital edition of Annual Report 20222023. A complete copy of the annual report is available at https://annual.ccedcpa.com/ Among the highlights:
• In September 2022, the Pennsylvania Catalyst Loan Fund was launched to serve eight counties across southeastern and central Pennsylvania, offering small balance loans to nontraditional borrowers who otherwise may not have access to loan funds. The first loan was awarded in January, according to the economic development council, and to date, 23 loans have been approved. Many are participants in the economic development council’s New Business Champions program, which advanced this year from a pilot program to a fully funded program providing technical assistance to 66 businesses owned by women and minority entrepreneurs.
• Twenty-one key regional development projects are underway, with a notable uptick in advanced and high-tech manufacturing projects including International Paper, Purolite, Piasecki Aircraft and Edlon Fluoropolymers, according to a press release. Other projects are funded by Redevelopment Assistance Capital
Program grants that support infrastructure and construction projects driving industry expansion, enhanced capacity for nonprofits and job growth.
Other highlights for the period include:
• Total project financing totaled $92,793,762 despite increasing interest rates and costs of construction. Loan activity, which was fueled in part by the PA Catalyst Loan Fund, was also strong with existing programs such as SBA 504, Pennsylvania Industrial Development Authority, SBA 7(a) and an internal revolving loan fund called PSBCI.
• The economic development council’s lending affiliate, Seedcopa, was ranked the No. 1 SBA 504 Lender in Pennsylvania by the U.S. Small Business Administration for a third consecutive year as Seedcopa celebrated its 40th anniversary.
• Securing state funding for Project RECONNECT was a major step forward in the agency’s mission to address the labor crisis, providing a $1.8 million grant for the economic development council to administer a first-of-its-kind, crosscounty
collaboration to assist at least 100 students in southeastern Pennsylvania with completing their post-secondary education, especially after having withdrawn due to hardship.
• Fiscal year 2022-23 also saw some internal transitions at the Chester County Economic Development Council. Mike Grigalonis, the organization’s COO and executive vice president since 2004, was promoted to president and COO.
New leadership was also announced for the organization’s Ideas x Innovation Network (i2n), the leading support network helping life sciences and advanced technology companies in Chester County, Delaware County and southeastern Pennsylvania transform their ideas from concept to
commercialization. In September, Matt Cabrey joined the organization as director of i2n, while Gino Bradica joined the organization as director of technology and entrepreneurship.
New leadership was also announced for AgConnect, which specializes in connecting farmers and agribusinesses with the resources, training and financing needed to grow their business in southeastern Pennsylvania. In October, Jordan Peek was named AgConnect project manager.
The Chester County Economic Development Council is a private, nonprofit economic development organization promoting smart growth in Chester County and the surrounding region for more than 60 years.