HARRISBURG - A regional economic development organization will receive part of $29.2 million in funding from the U.S. Department of the Treasury's State Small Business Credit Initiative.
The funding, which is expected to lead to the creation of more than 6,850 jobs statewide, was announced Wednesday by State Department of Community and Economic Development Secretary C. Alan Walker.
The SSBCI program is part of the Small Business Jobs Act that was signed into law in September 2010. Funding will be allocated to 12 entities to support statewide and regional job generating programs, early-stage technology companies and community development financial institutions.
Altoona-Blair County Development Corp., a DCED-certified economic development corporation serving 19 counties, will receive $2 million of the funding, which is projected to finance a minimum of 12 loans and create at least 80 jobs.
The funding is good news, said Patrick Miller, ABCD Corp. deputy executive director.
"It provides another tool in our tool box. With budgets on the state and federal level getting tighter, to receive money like this is a real windfall," Miller said.
ABCD Corp. will use the money for a program designed to provide low-interest loans to meet the financing needs of small businesses that are presently not being met by public and private lenders.
"It gives us flexible funding to be used in partnership with our local lenders," Miller said. "In times when a lot of resources are maxed out, it is nice to have some fresh, new money available."
Walker said the Corbett administration is committed to supporting small businesses, and the best way to do that is by partnering with the private sector to maximize resources.
"I am proud to say that Pennsylvania is the only state in the nation that requested proposals from our local partners with a goal of maximizing investment and supporting the best projects. This initiative will result in significant small-business job creation across the state," Walker said in a statement.