Small Business Jobs and Credit Act Enhances SBA Programs

The recently passed HR 5297, the Small Business Jobs and Credit Act, includes several significant program enhancements for SBA programs administered by CCEDC's Certified Development Company, Seedcopa. The most notable enhancements are:

• Fee Reductions- - extends the authority for the SBA 504 and 7(a) fee reductions and the 90% 7(a) guarantees through December 31st, or until $505 million in appropriations to support them is used.
• Maximum Loan Amounts- - permanently increases the loan maximum on 504 loans, including public policy loans, to $5 million, except small manufacturer loans and energy loans are increased to $5.5 million. Also increases the maximum amount of 7(a) loans to $5 million gross and $3.75 million net (or guaranteed amount).
• Debt Refinancing- - establishes a temporary 2-year program of business debt refinancing through the 504 program independent of the usually required job creation/preservation goals of one job for $65,000. This enables 504 to be used for refinancing of qualified existing debt without business expansion.

These enhancements figure to generate, perhaps, record-setting activity in the SBA lending world. Our experienced and capable staff of SBA lending experts are already working with the banking community to be sure our businesses can take advantage of these newly enhanced programs.

Give us a call at 610-458-5700 if you have questions or if we can help!

 Chester County Health Care Partnership Recognized as One of Top in State

The Chester County Health Care Partnership, was selected as one of three exceptional industry partnerships for the state in the Health Care cluster. It provided a partnership report that will serve as a resource for all partnerships statewide and will be an informational guide to members of the State's new administration early next year.

Immaculata University's President, Sister Patricia Fadden, Receives the "Community Leadership Award" from the TMACC

Immaculata University's president, Sister R. Patricia Fadden, IHM, is being honored by the Transportation Management Association of Chester County (TMACC) with its "Community Leadership Award." Immaculata University has been a member of the TMACC since 1998.  The awards ceremony is being held on Tuesday, October 5, at 6:00 p.m. at the Desmond Hotel and Conference Center. The keynote speaker is Rob Wonderling, president and CEO of the Greater Philadelphia Chamber of Commerce. 

In 2002, Sister Pat became president of Immaculata University and has led the University through a transitional period that has seen the expansion of educational programs, growth in enrollment, and the addition of men to the traditional-age undergraduate college. As a leader in the community and a strong supporter of TMACC, Sister Patricia shares a philosophy of civic and environmental responsibility.

TMACC is a non-profit that was created nearly 16 years ago by the Pennsylvania Department of Transportation. TMACC's charter is to serve as liaison between public sector transportation agencies and the private sector on transportation issues affecting the Chester County business community. The organization focuses on Mobility Management and Sustainability through education, advocacy and special programs. The TMACC works closely with the Pennsylvania Department of Transportation (PennDOT), Southeastern Pennsylvania Transportation Authority (SEPTA), Chester County Planning Commission and the Delaware Valley Regional Planning Commission (DVRPC).

Immaculata University, a Catholic, comprehensive coeducational institution, is located 20 miles west of Philadelphia, south of the intersection of routes 30 and 352, between Paoli and Exton.