Virtual Economic Development Forum Provides Information on Tools to Support Montco’s Business Growth

Norristown — The Montgomery County Department of Commerce Host a virtual forum to share information about financial tools available to support business growth and investment in the county.

The Economic Development Financing Forum is scheduled for Tuesday, September 20th at 10:00 am and is open to bankers, accountants, lawyers, and other interested partners.

During the event, attendees will be able to stay up to date on programs such as the Montco Forward Loan Program, C-PACE and the Industrial Development Authority’s tax-exempt bond financing. The presentation will be made by Dave Zellers, Director of the Montgomery County Department of Commerce. Rebecca Swanson, Executive Director of the Montgomery County Redevelopment Authority (RDA). and Merle Oklak, an attorney with the Montgomery County Industrial Development Authority (IDA).

“We talk to businesses every day and share information about their economic development financing programs, but we also want the professionals they trust and look to for guidance to know about our programs,” he said. Zellers said in a statement. “All of our programs offer companies, banks, advisors, investors, and the community the opportunity to help ensure the completion of another project.”

The Montco Forward Loan Program is designed to help businesses grow, increase productivity and maximize the value of their investments in Montgomery County. Businesses and their banks can contact the Department of Commerce to discuss how loans from this program can be incorporated into project financing.

• The program can provide up to $1 million for eligible projects that meet the program’s flexible parameters.

• Fixed interest rate and fixed term (depending on how the funds are used).

The Pennsylvania Industrial Development Agency (PIDA) offers low-interest loans and lines of credit to businesses that commit to creating and maintaining full-time jobs in Pennsylvania through projects such as real estate and equipment purchases.

• An interest rate linked to 10-year government bonds (depending on how the funds are used).

• The program can provide up to $5 million for eligible projects (depending on use of funds) and job creation requirements.

The Montgomery County Industrial Development Authority (MCIDA) assists eligible entities in meeting the funding needs of large projects. The MCIDA process is designed to secure significant amounts of capital at competitive rates for borrowers and benefit lenders through access to tax-exempt bonds.

In August, Montgomery County passed a resolution to adopt Pennsylvania’s recently expanded Commercial Property Assessed Clean Energy (C-PACE) program. Through the C-PACE program, Montgomery County commercial companies, farmers, and nonprofits can finance clean energy and water efficiency projects with long-term, low-cost financing. The newly expanded program can also fund multi-tenant residential property improvements, as well as all eligible property improvements that improve environmental resilience and HVAC enhancements.

To register for this free event, click hereVisit https://zoom.us/webinar/register/WN_5gov09BYRYuTlt3_LZltqg

The Montgomery County Department of Commerce uses a unified approach to providing economic and workforce development services and assistance to individuals, entrepreneurs, investors, businesses, communities, and institutions.Learn more about https://www.montcopa.org/779/Commerce

If you are interested in starting, growing or searching for a business in Montgomery County, Department of Commerce Request for Assistanceavailable at https://www.montcopa.org/FormCenter/Commerce-18/Business-Assistance-Request-90.