| Central Penn Business Journal
YCEA: SBA partnership good for service, retail growth
A new partnership between the York County Economic Alliance and the EDC Finance Corp. in Lancaster County will be particularly good for retail and service business development in York County, the alliance said today.
The partnership more readily extends the corporation's services for the Small Business Administration 504 loan program into York County, economic alliance Executive Vice President Kenetha Hansen said.
The 504 program augments commercial lending for facilities projects by small- and medium-sized businesses in a range of sectors that includes retail and service, she said.
State financing programs administered by the economic alliance are not typically available to facilities projects, such as buying a restaurant building, in these sectors, Hansen said.
The partnership avoids a resource-consuming duplication of services while still making the 504 program available to business owners who walk through the economic alliance's doors, she said.
"That is an extremely arduous and lengthy process to become certified to deliver this program," Hansen said.
The economic alliance will provide office space and other support for the EDC Finance Corp.'s loan officer, who will administer the loan process for York County businesses, she said.
The EDC Finance Corp. has approved 43 projects for more than $32 million in 504 program funding since it was designated a certified development company in 2008, according to a news release.
It already has packaged four York County projects, the release stated.
They included the purchase and reopening of the Roosevelt Tavern in York, according to the release.