In 1958, the Bucks County Commissioners and a group of dedicated private citizens formed together to create the Bucks County Industrial Development Corporation ("BCIDC"). BCIDC's sole mission was to provide low-interest financing for industrial real estate development in conjunction with the fledging Pennsylvania Industrial Development Authority ("PIDA"). Accordingly, BCIDC and PIDA were integral to the construction of many manufacturing plants during the late 1950's and into the 1960's.
In 1967, the Bucks County Commissioners created the Bucks County Industrial Development Authority ("BCIDA") to provide tax-exempt Industrial Development Bond and Mortgage financing for businesses of all types. From the beginning, BCIDA has been governed by a separate Board of Directors, but has been administered by the staff of BCIDC, to coordinate the delivery of economic development financing services between the two agencies.
Between 1967 and 1986, BCIDC and BCIDA provided financing to hundreds of companies in every corner of Bucks County, through the PIDA program and the issuance of tax-exempt debt through BCIDA. In 1986, the Federal government changed the US tax code, imposing broad restrictions on tax-exempt financing through industrial development authorities, including BCIDA. (Eligibility for BCIDA funding was restricted to manufacturers, nonprofit 501c3 organizations, developers of "exempt facilities", and certain other specific types of borrowers.)
Beginning during the mid-1980's and continuing to this day, governments at the local, state and Federal levels became more creative with economic development programs. The result is a wide range of loan programs and other economic development initiatives and organizations.
For example, in 1983, Bucks County created the Bucks County Revolving Loan Fund ("RLF") with grant funding from the US Department of Housing and Urban Development. To this day, BCEDC continues to administer the Revolving Loan Fund and has helped dozens of small businesses acquire real estate or machinery and equipment while creating hundreds of new jobs in Bucks County. Similarly, the BCIDC Board of Directors created the BCEDC Business Builder Loan Fund ("BBLF") in the late 1980's. BBLF has successfully financed small businesses in a broad range of industries, including a scientific instrument manufacturer, a knitter of footwear for amputees and wearers of prosthetic limbs, a uniform rental and laundry business, a commercial landscaping company, and many more.
In recent years, loan funds were created to direct new investment in specific areas, such as the Enterprise Zone of Bucks County or the former US Naval Air Warfare Center in Warminster.
Meanwhile, the Commonwealth of Pennsylvania development programs that we still use today on the benefit of local companies, including the Machinery and Equipment Loan Fund, Small Business First, the Pennsylvania Economic Development Finance Authority, Customized Job Training, Job Creation Tax Credits and many more. Under different gubernatorial administrations, Pennsylvania also established organizations such as the Delaware Valley Industrial Resource Center and the Ben Franklin Technology Partnership, which provide a host of technical assistance services and financial investments for manufacturers and advanced technology companies.
In 1997, to reflect our organization's role in developing businesses of all types, BCIDC became the Bucks County Economic Development Corporation ("BCEDC").
2013 marks a new beginning for BCEDC, with the BCIDA separating into an independent agency, no longer receiving administrative assistance from BCEDC, the corporation must develop new strategies to ensure sustainability for its future...Gearing Up for the Future. BCEDC will continue with its core financing programs but will develop new relationships and programs to offer to business and industry in meeting the challenges of an ever changing economic climate.
Despite our expanding list of accomplishments, our primary goal is the same today as it was 55 years ago: To create and maintain job opportunities for Bucks County. To that end, we are proud that we have participated in the creation and retention of thousands of jobs in Bucks County over the decades. If you live in Bucks County, chances are good that you, someone in your family, a neighbor or a friend are employed by a business that we have helped.
We hope to help your business next. Please contact us at any time, to add your company to our list of proud accomplishments.