LVEDC’s Strategic Plan: Finance Initiatives
By Colin McEvoy on November 11, 2014
Over the last few weeks, we’ve explained the development and marketing initiatives defined in the Lehigh Valley Economic Development Corp.’s 2014-2017 Strategic Plan. But financing economic development projects is also a major component in our mission to help companies start, grow and come to the Lehigh Valley.
LVEDC administers more than a dozen financing programs that fund construction, land, equipment, working capital, workforce training and sustainable development projects. We are the primary regional resource for economic development financing, and maintain partnerships with many of the Lehigh Valley’s financing entities.
By following the finance initiatives identified in our strategic plan, LVEDC will be better positioned to help coordinate programs and financing tools for businesses, provide greater access to capital for companies, create a single-point of contact for financing projects and provide easy access to loans and equity investment.
The five finance initiatives identified by our strategic plan include:
- Increase demand for financing programs. LVEDC’s financing department will fully implement a recently-completed business development plan to promote greater and more consistent loan volume. This will include periodic email correspondence to targeted audiences, networking at conferences and events, direct meetings with targeted audiences and other methods.
- Create and coordinate a capital access network of debt and equity. This unique tool will provide new, expanding or relocating businesses to easily access the loans and equity investment they require. It will create a point of differentiation for LVEDC in securing deals.
- Revitalize the Lehigh Valley’s Regional Loan Pool. The loan pool has played a part in some of the region’s most significant economic development projects, but its profile has dipped in recent years. LVEDC will bring it back to prominence and seek to position the pool as the financing agent for NIZ, CRIZ and TIF projects throughout the Lehigh Valley.
- Grow regional shared services function by seeking contract opportunities. We will develop new contracted partners where synergies exist and act as a service provider to our regional SBA 7(a) lenders.
- Advocate for improved finance program effectiveness, expanded eligibility and reduced risk. LVEDC will push for better use of area loan organizations, more effective execution of financing programs in Harrisburg, and a reduction in loss-sharing ratios that hinder the financial strength of economic development lenders.
Check out next week’s LVEDC e-newsletter as we delve further into the LVEDC 2014-2017 Strategic Plan, with a focus on the five administration initiatives.
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