Finance - Central Penn Business Journal

Fulton Bank honored for Military Internship program

Fulton Bank has earned an American Bankers Association Award (ABA) for its Military Internship program. Fulton is one of eight banks nationally and internationally to be named 2023 Community Commitment Award winners.

Banks are recognized for the ABA’s annual awards for their extraordinary corporate social responsibility efforts ranging from affordable housing to economic inclusion. Award winners will be recognized at the ABA convention Oct. 10 in Nashville, Tenn.

“Fulton Bank is honored to receive this award recognizing our efforts to support veterans as they transition to the civilian workforce,” Curt Myers, Chairman, president and CEO of Fulton Financial Corporation, said in a statement. “We are grateful for the wide range of expertise, resourcefulness and commitment that service members contribute to our company, our communities, and our country each day.”

Fulton Bank’s Military Internship program, now in its 10th year, is a six-month internship that helps veterans transition from military service to the civilian workforce with on-the-job training in the financial services industry. Upon completion of the internship, the program provides job search support both within Fulton and throughout the banking industry.

Fulton Bank has worked with more than 168 veteran interns and hired 42 of them for full-time positions since the program’s launch in 2019. Wells Fargo of San Antonio also won an ABA award for supporting military families.

“I am continually amazed and proud of the work America’s banks do to support communities nationwide,” said Rob Nichols, ABA president and CEO. “The efforts of the banks recognized this year have changed the lives of many and showcase the very best our industry has to offer. I hope other institutions will join me in applauding their good work and duplicating it where possible.”

Made up of independent, national experts in each category, the selection committee reviewed bank nominations from across the country and chose winners based on specific criteria including the creativity and thoughtfulness of the bank program. According to the ABA, Community Commitment Award winners must embody the ideals of corporate social responsibility and demonstrate success in measurable terms.

ABA awards also went to Dollar Bank in Pittsburgh (Affordable Housing); United Bank, Vienna, VA (Community and Economic Development); Huntington National Bank, Columbus, Ohio, (Economic Inclusion); Bank of Guam, Hagatna, Guam (Financial Education); The Corporate Bank, Roslindale, Mass. (Protecting Older Americans); and Comerica Bank, Dallas (Volunteerism).

“These eight winning programs exemplify the transformational impact that banks can have in the communities they serve,” said Lindsay Torrico, executive director, ABA Foundation. “All of these initiatives required dedication and commitment from bank leadership and the employees involved. We’re pleased to have this opportunity to shine a light on their efforts to drive community and economic change.”

SBA loans to Hispanic or Latino-owned businesses growing

New U.S. Small Business Administration (SBA) data shows the number, rate and share of SBA-backed loans going to Hispanic or Latin-owned businesses have grown significantly under the Biden Administration.

The SBA said it has backed more than 7,300 SBA loans to Latino-owned businesses so far in Fiscal Year 2023 through the 7(a) and 504 programs. Total loan dollars ($2.8 billion) and overall share of SBA-approved loans (12.2%) to Latino-owned businesses are both up more than 1.5 times since Biden took office.

SBA Administrator Isabella Casillas Guzman joined Congressional Hispanic Caucus (CHC) Chairwoman Nanette Barragán, D-California, and other CHC members in Orlando to announce the new data.

“America’s more than five million Latino-owned small businesses create jobs, deliver over $800 billion to our economy every year, and add to our nation’s global competitiveness—and they could do even more if we invested in them equitably,” Guzman said. “We are seeing a small business boom and the fastest creation rate of Latino-owned businesses in over a decade.”

Guzman added, “Since day one of the Biden-Harris Administration, the SBA has been committed to expanding access to capital and addressing historic gaps in small business lending to this highly entrepreneurial community and this 1.5x increase in loans to Latino-owned small businesses demonstrates the positive impact of President Biden’s economic agenda. We are on the right path, and we will continue to do more to deliver the needed funding to advance opportunities for all.”

Under the Biden-Harris Administration, the United States has experienced a historic small business boom being led by women and people of color, with 13.6 million new business applications filed since President Joe Biden took office, a rate 65% faster than the pre-pandemic average.

SBA said it has taken significant steps aligned with the president’s Investing in America agenda to increase access to its core capital programs, including among Latino entrepreneurs. These include:

Expanding the Community Advantage Program, which supports lending to small businesses in underserved communities through mission-driven, community lenders, and making mission-oriented lending a permanent part of the SBA loan program through the Community Advantage Small Business Lending Company license;
Deploying the $100 million Community Navigator Pilot Program funded under President Biden’s American Rescue Plan;

Launching the Biden-Harris Administration’s cross-country Latino Prosperity Tour;
More than tripling the number of Women’s Business Centers at Hispanic-Serving Institutions; and
Implementing new reforms to address persistent capital access gaps.

“Latino-owned businesses are seeing the fastest creation rate in more than a decade due to the deliberate efforts of the Biden-Harris Administration. The U.S. Small Business Administration’s new benchmark loan numbers show a strong uptick in lending to Latino small business owners,” Barragán said,

While there is a long way to go to fully ensure equal opportunity for all Latino small businesses, the SBA and Biden Administration initiatives have allowed more Latino small business owners across America to access much-needed capital, Barragán said.

“The Congressional Hispanic Caucus applauds this promising trend and remains committed to working alongside the Administration to deliver positive results for Latino small businesses,” she added.

BLOOM grants offered to York City businesses

Small businesses in the City of York are eligible for York BLOOM grants up to $1,500.

The BLOOM Business Empowerment Center, through the York County Economic Alliance (YCEA), is accepting applications for the 2023 City of York BLOOM Grant Program for Small Businesses through Oct. 13 at 8 p.m.

This program will award grants from $500 to $1,500 to small businesses for projects that will help improve productivity, expand services, or grow to the next level, according to YCEA.

Grant amounts will be considered based on need and potential impact. Examples of projects funded through other BLOOM grant funds include improving signage, physical improvements to business location, marketing, training and certification for new services, or purchase of new equipment.

Priority consideration will be given to:

Businesses that have not received funding from previous BLOOM grant programs.
Businesses owned by women, or Black, indigenous, or people of color.
Businesses owned by veterans.

The BLOOM Grant Program was first created in 2018. To date, 191 BLOOM Grants totaling $422,978.30 have been distributed to small businesses/organizations in York County, Downtown York, York County Trail Towns communities, to women-owned businesses, start-up entrepreneurs, and graduates of the BLOOM classes, with 51% of grants going to businesses owned by persons of color and 72% going to women-owned businesses, YCEA said.

An informational webinar will be held Sept. 25 at 5:00 p.m. via Zoom.

Harrisburg University, McNees Strategic Solutions Group and more name new hires, promotions

Accounting
East Pennsboro Township-based Boyer & Ritter LLC named John W. Akeley, Mason Garza and Adrianna Gray associates.

East Pennsboro Township-based Brown Schultz Sheridan & Fritz named Christopher R. Anderson a senior adviser. Anderson, who has more than 38 years of public accounting experience, will be a member of the outsourced accounting services team, which provides clients with outsourced chief financial officer and controller services.

Banking and finance
Wheeling, West Virginia-based Security National Trust Co., with an office in Lancaster, elected Shane Zimmerman and Greg Lefever board members. Zimmerman is president of Lancaster-based The Steinman Foundation. Lefever had a 40-year career in banking and trust services, including executive positions with S&T Wealth Management, PNC Private Bank, Sterling Financial Trust Co. and Bank of Lancaster County. Kevin Hart Kornfield was named a senior consultant and client adviser. Alan J. Walsh was named a trust administrator and vice president. Sandra L. Bair was named an administrative assistant. Kornfield, Walsh and Bair will work in the Lancaster office.

Education
Harrisburg University of Science and Technology named Cameron J. McCoy provost. McCoy will shape academic programs, foster interdisciplinary initiatives and promote research. He was a U.S. Army officer.

Government
Lancaster Mayor Danene Sorace appointed Tina Campbell as director of administrative services. Campbell has executive experience in both financial and nonprofit organizations.

Health care
Effective Oct. 1, Lower Allen Township-based Select Medical Holdings Corp. named John Saich and Thomas Mullin co-presidents. Saich and Mullin will work together to create best practices and improve integration across the company’s network of specialty hospitals and outpatient physical therapy centers. Michael Malatesta was named executive vice president and chief financial officer. Malatesta will be responsible for companywide financial planning and analysis. Martin Jackson was named senior executive vice president of strategic finance and operations. Michael Tarvin was named senior executive vice president, general counsel and secretary. John Duggan was named executive vice president and deputy general counsel. Tyler Hollenbach was named executive vice president of strategy and growth. Mary Lacey was named senior vice president and chief human resources officer. Shelly Eckenroth was named senior vice president and chief communications, marketing and branding officer. Kerry Dishner was named senior vice president of functional operations for specialty hospitals. Bridget Sherick was named senior vice president of accounting for shared services. Robert Breighner was named senior vice president of compliance and audit.

Lobbying
Harrisburg-based McNees Strategic Solutions Group, an affiliate of McNees Wallace & Nurick, named Kevin Sunday a policy adviser. Sunday will advise business executives, nonprofits and trade associations on policy matters and will help develop their public affairs strategies.

Nonprofits
Gettysburg-based United Way of Adams County named Adam Boyer a board member. Boyer is an attorney with Lancaster-based Barley Snyder and helps businesses and community organizations with legal needs including transition planning, financing and real estate. Boyer also helps individuals with estate planning and administration.

Harrisburg-based Whitaker Center for Science and the Arts named Heather Woodbridge vice president of operations. Woodbridge will oversee facility management, education, production and events, and staff management.

York-based Leadership York named Kim Lentz program & event coordinator. Lentz will run the Mentorship York program, assist with the Future Leaders of York program, develop and launch the Leadership York ambassador program and assist with coordinating events.
Kelly Bradburn, Linda Gorter, Katrina Rothrock, Ryan Service Manzo and Tania Zech were elected board members. Bradburn is with Traditions Bank. Gorter is with Big Brothers Big Sisters of York & Adams Counties. Rothrock is with Dover Area School District. Manzo is with Penn State York. Zech is with the York County Coroner’s Office.

Self-storage
York-based Investment Real Estate LLC named Thomas Kilko Jr. development and construction manager. Kilko will develop projects from conception through their final construction phases and coordinate a team of professionals for each project. He is a professional engineer.

Compiled by Amy DiNunzio

Special beer and friendly competition on tap to support Hanover revitalization

Four Hanover breweries are helping Main Street Hanover’s effort to revitalize the downtown district by participating in the third annual Brewery Olympics.

Main Street Hanover and Explore York are partnering with Aldus Brewing, Fat Bat Brewing Co., Sign of the Horse Bierhaus, and Something Wicked Brewing Co. to launch York County Olympic Ale Sept. 30 ahead of the Brewery Olympics which will be held Oct. 14 from 11 a.m. to 2 p.m.

“Explore York is a proud sponsor of Main Street Hanover’s Brewery Olympics,” said Melissa Beaverson, director of Destination Marketing at Explore York. “This collaborative community celebration exemplifies York County’s makers spirit and is a shining example of one of the many great events that make our area a great place to live and visit.”

The four breweries will introduce York County Olympic Ale from 6 p.m. to 8 p.m. Sept. 30. Main Street Hanover said the Brewery Olympics exclusive is “an amazingly drinkable amber ale with moderate maltiness and slight notes of piney citrus from cascade and centennial hops.”

On Oct. 14, up to 16 teams of four will participate in four main events that will test strength and skill, according to Main Street Hanover. Each brewery will present an event and award points to the teams.

The top scoring teams will compete in the final event, a team relay race featuring varying sized kegs to carry across the finish line, Main Street Hanover said.

“Winners of the gold medal will get the ultimate beer lover’s dream – participating in the brewing experience of a beer from start to finish at one of Hanover’s breweries,” Main Street Hanover said.

“Main Street Hanover has done a lot for the breweries, and the downtown area as a whole, so this is our way of giving back,” said Jon Sanders, manager of Something Wicked Brewing in Hanover.

In-person registration for the games will be held during the beer launch. Online registrations will be open until the day of the games or until all the team spots are filled.

Lancaster firm combating indoor air pollution claims top TechCelerator prize

A Lancaster firm working to combat indoor air pollution took home the top prize in the TechCelerator Startup Boot Camp competition Tuesday.

Hema Ravindran and Raj Singh earned $10,000 for their company, KiposTech, that is developing non-thermal plasma technology to combat indoor air pollution with a focus on health care-associated infections.

The competition, hosted by Ben Franklin Partners of Central and Northern Pennsylvania (Ben Franklin Partners) in collaboration with Invent Penn State, showcased the entrepreneurial spirit of startup companies throughout Central and Northern Pennsylvania, Ben Franklin Partners said.

“[The TechCelerator] has been an incredible journey, and much of our growth and progress is thanks to the support and guidance,” said Ravindran. “The classes and coaching sessions have not only enriched my knowledge but have also given me countless memorable moments.”

Claiming the second-place prize of $5,000 was Lightscline, the brainchild of Ankur Verma and Ayush Goyal, of Centre County. Lightscline is working to reduce sensor data analytics costs by up to 90%. Their approach targets B2B companies reliant on sensor data, effectively streamlining data infrastructure and human capital expenses.

Ben Franklin Partners said the other competitors were;

North Country Gear Works (Dustin Coles, McKean County): North Country Gear Works manufactures versatile outdoor equipment for hunting, fishing, and other outdoor recreation for outdoorsmen and women in the East and Midwest.
Lehr Labs (Evan Lehr, York County): Lehr Labs is designing and building a high-temperature, high-performance FDM 3D printer that can process almost all available 3D printing materials at larger size formats more efficiently and cost-effectively for manufacturers.
Hoffman Appalachian Farm (Joshua Brock, Elk County): Hoffman Appalachian Farms is expanding their existing hops operations, adding small grains, hemp, and other crops to diversify and is building working partnerships with local breweries and PA Wilds marketing efforts to establish the region as an Agritourist destination.
Allegro Learning Solutions (Joel Kline & Shaun Donovan, Dauphin County): Allegro Learning Solutions is building a workforce platform that engages and matches pools of unqualified employee candidates with the programs and training to become qualified employees for medium and large-size employers.
Dolphin Studios (Drew Piispanen, Dauphin County): Dolphin Studios is a chatbot consulting firm, specializing in knowledge-based chatbots through contextual learning for businesses to improve the overall customer service experience by providing targeted information more efficiently. The company chatbot plugin would be useable for three primary e-commerce platforms – shopify, woocommerce and Magento 2.

Mid Penn Bank opens new financial center

Mid Penn Bank has opened its first full service financial center in Carlisle.

Mid Penn Bank, a wholly owned subsidiary of Mid Penn Bancorp, Inc., said it will hold a ribbon cutting celebration at the center at 1196 Walnut Bottom Road Sept. 22 from 9:30 a.m. to 10:30 a.m.

The new office, which opened Sept. 5 after receiving regulatory approval, is the 18th in Mid Penn Bank’s Capital Region.

Mid Penn Bank said the location offers traditional banking and account servicing as well as trust, wealth management, and insurance solutions.

“We are excited to be expanding into Carlisle with a full-service financial center on Walnut Bottom Road,” said Taryn Walters, manager and vice president. “I look forward to providing more convenience to our existing customers in the area and welcoming individuals and businesses from the community to Mid Penn and our brand of banking.”

Pa. Treasury creates new position to beef up INVEST program

The Pennsylvania Treasury has created a new position within its Bureau of Cash Management to help local governments and nonprofits meet their financial goals.

Treasurer Stacy Garrity said Ryan Buxton has been named to the newly created INVEST manager position to grow INVEST’s assets and increase program participation statewide.

INVEST is a family of investment pools similar in concept to money market funds, offering two rated pools with short-term maturity as well as periodic custom investment opportunities for longer-term investment needs, the treasury said.

The treasury’s investment staff, which also oversees investments and custody of more than $150 billion in public funds, manages INVEST portfolios.

“INVEST is a powerful program, and with Ryan taking this leadership role, I know more nonprofit organizations and local governments will benefit from it,” Garrity said. “INVEST is tremendously flexible, and it’s a great tool to help organizations safely achieve growth without sacrificing liquidity. Ryan’s experience in community outreach in the treasury’s Bureau of Consumer Programs, and his many previous years working with INVEST, make him the perfect person for this important job.”

Buxton, who thanked Garrity for her leadership and getting INVEST into both rural and urban communities across Pennsylvania, said, “I’m excited to continue that vision by moving the program forward by making it easier to enroll in INVEST and spreading the word about our investment products to both nonprofit organizations and government entities.”

Buxton has worked for the treasury since 1995, including 16 years with the INVEST Program. Prior to his new role, he worked as an Outreach Specialist with the Bureau of Consumer Programs, promoting the PA 529 College and Career Savings Program, Keystone Scholars, the PA ABLE Savings Program and unclaimed property.

INVEST features include no minimum balance requirement, daily liquidity, unlimited transactions with no transaction fees, and no minimum or maximum deposits, the treasury said.

More than 260 entities currently use INVEST, and the program has assets totaling about $1.3 billion.

INVEST has received the highest credit rating possible, AAA, from Standard & Poor’s Global Ratings (S&P) for both pool offerings, the treasury said.

Sweetest Pint walking tour to benefit Downtown York Inc.

A walking tour of downtown York’s craft breweries to support Downtown York Inc initiatives is set for Oct. 28.

Downtown Inc said the return of the beer and food pairing event, Sweetest Pint, will run from 2 p.m. to 5 p.m., with check-in beginning at 1:30pm and tours departing at 2:05pm.

Tickets are $30 and $15 for designated drivers.

The Sweetest Pint Tasting Tours are a series of walking tours in Downtown York featuring a craft beer sample provided by a local brewery and a small tasting plate of local food.

Proceeds from ticket sales benefit Downtown Inc, whose mission is to drive, enhance and encourage investment in Downtown York through promotions, placemaking, public safety, and economic development.

This year’s Sweetest Pint tour, led by 10 community volunteers, will include stops at seven locations including Bound Books, OMG Studios, Gather 256, Skid Row Garage, House of Yoga, and The Cantina.

Each location will include a sampling of a fall-inspired food paired with a local craft beer.

Paper tube manufacturer invests $4M to streamline production

New Oxford, Adams County-based Yazoo Mills, Inc. has invested $4 million in infrastructure and software in a move the company says will help streamline production.

The manufacturer of paper tubes and cores said the investment in next-generation high-speed converting lines, infrastructure, and proprietary production scheduling software is part of its strategic growth initiatives to meet customer demands for faster speed to market products.

The improved technology, infrastructure, and software systems solidifies Yazoo’s commitment to finding the best solutions for their nationwide customer-base, the family-owned company said.

All production lines and software are expected to be operational by the first quarter of 2024.

Yazoo Mills said facility infrastructure upgrades were recently completed to provide improved workflow efficiencies and support planned future growth.

The new converting lines and proprietary scheduling software will streamline the production process, which Yazoo said will enable it to optimize efficiency and increase output.

Sojourn Noir receives grant to promote Black tourism in York

Sojourn Noir, a Black tourism initiative, received $75,000 from the Tourism Grant Program of York County to create inviting spaces and experiences throughout York County where Black travelers feel respected and welcomed.

The grant was approved last month at the Explore York Board of Directors meeting.
Sojourn Noir promotes and seeks to bring Black tourists to York, an area with culture, history, and a diverse community of makers, Explore York said.

According to a piece from MMGY Global, “The Black Traveler: Insights, Opportunities & Priorities,” Black U.S. leisure travelers accounted for more than 500 million overnight stays, contributing more than 100 billion tourism dollars, or 13.1% of the U.S. leisure travel market in 2022.

That same research shows 42% of respondents stated they felt unwelcome in a destination they visited.

“We aim to create a welcoming haven and a culturally representative environment in York County. It is beyond time to change,” said Joanne Wilmore, founder and CEO of Sojourn Noir

Sojourn Noir said it looks to combat negative historical trends and narratives and create new and positive opportunities for Black travelers in York County by encouraging Black travelers to explore experiences, activities and adventures they have been historically denied access or safe passage to and increasing the cultural competency of businesses and tourism bureaus to provide good experiences.

“We support their mission and vision and look forward to a long-standing partnership with Sojourn Noir as we work together to increase tourism equity and inclusion and create funding opportunities within our community,” said Laura Wagner, Explore York president.

Specific outcomes of the Sojourn Noir project will include culturally focused training; targeted, digital marketing; business outreach; and representation at Black leisure travel conferences.

Grants available for Cumberland County nonprofits

Cumberland County nonprofits can now apply for a statewide grant program through the Cumberland Area Economic Development Corporation (CAEDC).

The Local Share Account (LSA), a statewide grant program which opened Sept. 1, is for nonprofits seeking funding for projects between $25,000 and $1 million with either an economic component or to grow overnight stays for visitors to the region, CAEDC said.

Eligible uses include:

Acquisition
Construction
Demolition
Infrastructure
Purchase of vehicles, machinery and/or equipment (excluding unforms, protective equipment, consumable supplies, and furniture)
Planning, consulting, and design costs related to planning projects.
Engineering, design, and inspection, to include permitting fees, for construction projects not to exceed 10% of the total grant award.
Administrative costs of the grantee for the purposes of administering the grant. Administrative costs may not exceed 2% of the total grant request.
Contingency costs not to exceed 5% of documented construction and infrastructure costs.

Interested, qualified applicants can apply through Nov. 30 on CAEDC’s online application at CumberlandBusiness.com/lsa-application or by contacting staff.

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Tag: Finance

Fulton Bank honored for Military Internship program

Harrisburg University, McNees Strategic Solutions Group and more name new hires, promotions