Transcribed from BCEDC Annual Meeting and Reorganization Dinner held on April 24, 2013.
It’s been an exciting year for economic development direction in Bucks County. We began dialoguing with the County over nine months ago about its vision for economic development and the role that our organization would play in transitioning from the existing model to a new County venture coined as Bucks to Invest.
A County “blueprint” was presented to the Bucks County Economic Development Council on January 16, 2013, which expanded upon findings of the Economic Development Advisory Board and included recommendations for sources and uses of funds from current and new sources. Movement of County controlled restricted use funds under the administration of the BCEDC and other economic agencies was slated for reassignment to the Bucks County Industrial Development Authority as part of a consolidated approach to repurposing” existing dollars.
On February 4th, we initiated proactive steps to “destructure” the current relationship with the BCIDA and transfer three restricted funds identified by the County for transition: the Defense Conversion Loan Fund, Revolving Loan Fund, and Coastal Zone Fund in accordance with the new County direction. As of March 31, 2013, the total cash and loan receivable value of these three accounts represented $4.9M.
Our progress to date is the bifurcation of BCEDC and BCIDA activities and transfer of the Defense Conversion Loan Fund effective April 5th. Further, the Commissioners approved the transfer responsibility for the Revolving Loan Fund and Coastal Zone Fund from the BCEDC to the BCIDA on March 20th. The details and date of transfer are being finalized.
So what does all of this mean to you?
- First, there needs to be an understanding about what basic function an economic development agency performs. Each is a financial intermediary, having distinct specializations regarding the types of loan projects accepted for consideration.
- In terms of our organization, the BCEDC carries state certification to operate as the financial intermediary for PEDA and Small Business First loan programs for businesses in Bucks County. We will continue to serve in this loan generation and administration capacity.
- For our current and potential clients: nothing will change. We will continue to provide our guidance and expertise in assisting clients with selection and processing of loan packages that best suits your individual business needs.
- For our lenders: by utilizing our programs in conjunction with yours, we can provide additional funding opportunities for your clients, enhancing their cash flow; thereby, improving their ability to service debt.
- On a separate, but related note, I’m pleased to report that our consultative services and partnerships are growing. We will continue to seek collaborations in innovative economic development solutions and projects throughout the County.
- Further, we will also continue our efforts in identifying and utilizing new funding streams from national and local sources that further our mission in job retention and creation and compliment County initiatives.
- Regarding our publications, the BCEDC Industrial Directory and maps will be updated according to regular schedules. Also, our website and newsletter will continue to serve as a resource for business and industry information on an ongoing basis.
- Lastly, we will continue to organize as well as participate in joint efforts initiated by our organization and other agencies. We want to ensure that every type of lending opportunity is explored and the best possible combination of programs can be offered to businesses that are planning to expand and/or relocate into Bucks County.
To sum up, the Corporation has a bias for action in the pursuit of operational excellence in the interest of elevating business vitality in Bucks County.
It’s been a privilege and honor to serve as your president, and I’d like to thank the Executive Committee, Board of Directors, and staff for their insights, assistance, and support. A special thanks to our staff: Bob Cormack, Jim Pawlikowski, Kelly Doughty, and Carolyn Dorsey for all of their hard work during my tenure. I know that it’s been challenging, and you’ve done a yeoman’s job.
To our members, thank you for the opportunity to serve.