Beaver County Corporation for Economic Development 2019-20 Annual Report
The Beaver County Corporation for Economic Development is a non-profit corporation and is a Commonwealth of Pennsylvania certified economic development organization. CED is the lead economic development agency for Beaver County, undertaking a variety of activities that support its mission.
With your help & support we can bring continued economic success to Beaver County.
The good news for 2020 is that the 33rd Annual Report of the Beaver County Corporation for Economic Development during the fiscal year ending June 30, 2020 is very much in tune with the rest of the country. We are not yet returned to pre Covid levels of employment, but we are trending in the right direction.
BCCED’s assets and advantages in transportation logistics make our organization well suited to meet the needs of businesses of all sizes and provide strong incentives for them to grow and expand in Beaver County. Our current assets of $31 million enable us to successfully nurture new businesses with good prospects and strong indications of providing large numbers of high paying jobs. Land Assets of $12 million mean we have acres of opportunity lands immediately available in Beaver County. Cash assets of $19 million enable us to provide short term financial support when needed. In addition, we can offer these new companies Beaver County’s desirable transportation logistics: service by two Class One Railroads and proximity to inter and intra state roadways.
Beaver County’s abundance of natural gas led by exploration in both the Marcellus and Utica Shale Formations provides low-cost energy for manufacturing. This is yet another incentive for new business–very competitive operations costs moving forward.
Beaver County’s population is most responsive to the kind of opportunities these new companies represent and is thus a solid base from which these organizations can draw dedicated employees. Furthermore, our community offers affordable housing and superb school districts as a draw to employees that must relocate from other areas.
With all these attractive elements, we can be proud to be part of BCCED’s dedicated team of local, regional, and state officials focused on accruing the highest level of positive economic impact for the area. With your help & support we can bring continued economic success to Beaver County.
The Fiscal Year 2019-2020 was a year like no other for economic development in Beaver County, Pennsylvania, the nation, and the world.
Due to the COVID-19 pandemic, businesses of all sizes were pushed to their financial breaking points.
To help stabilize and, in many instances, save businesses from closing, all levels of government including local, state, and federal jumped into action to create loan and grant programs.
The Commonwealth, through the Department of Community and Economic Development (DCED), instituted the COVID-19 Working Capital Access program (CWCA). The Federally supported Small Business Administration (SBA) initiated the Payroll Protection Program (PPP) and the Emergency Injury Disaster Loan Eligibility program (EIDLE).
BCCED could not directly administer the Federal programs, instead we served as a real time conduit of invaluable information to small businesses in Beaver County. BCCED disseminated critical information to County businesses and provided one-on-one technical assistance to keep them current on all available programs.
BCCED provided timely updates on the application processes, forgiveness protocols, ongoing available support, and where to find the funds necessary to weather the perfect storm of economic hardships created by COVID-19 for the businesses and for the tens of thousands of Beaver County residents they employ.
The Pennsylvania Industrial Development Authority (PIDA) pooled its resources to assist small businesses by creating the COVID-19 Working Capital Access Program (CWCA).
Through BCCED eligible businesses applied for up to $100,000 in 0% interest, three-year term loans to provide working capital relief. The limited loan program was open for only days and applications were approved on a first come, first served basis. BCCED was able to assist five county businesses to successfully access this program.
CED Cumulative Total
BCCED provides continued administrative and management services to the Aliquippa Economic Development Corporation (AEDC).
The six-year PA Department of Community and Economic Development Neighborhood Partnership Program (NPP) is funded by BNY Mellon.
In 2019-2020, Year Three of the NPP, activities were adjusted midstream to address issues of food, rent, and utility insecurities and delivery of community services by partner agencies due to COVID-19. The NPP made possible the following outcomes.
BCCED has direct access to state loan programs to support a variety of investment opportunities for local companies and has also been a direct lender supporting private investment for over 33 years.
Corporate Financial Summary
CED continued its partnership with Adam’s Place LLC to redevelop a 22‐acre Brownfield in the Westgate Business Park into a modern industrial warehouse complex.
BCCED along with Adam’s Place LLC were successful in landing $4,422,026 in funding from the Commonwealth of Pennsylvania Business In Our Sites combination grant and loan for the project.
This project is a $21 million investment to construct approximately 275K SF of Class A industrial warehouse space, strategically designed to allow various sized leasable spaces in three separate warehouses to meet tenant needs and market demand. The joint grant and loan funds received through the Commonwealth were used to support the onsite development work and infrastructure costs required to prepare the site for construction.
The Beaver County Corporation for Economic Development (BCCED) aims to address the lack of new industrial space available in the county through the redevelopment of sites like the Westgate Business Park.