ORGANIZATION: The
St. Marys Area Economic Development Corporation (EDC) is a private
non-profit organization established as a corporation on June 26,
1985 (501c/3). This Institution is an equal opportunity provider,
and employer.
It
is managed by a nine-person board from the local communities of
the City of St. Marys and Jay, Fox, and Benezette Townships. The
EDC services a geographical area of approximately 319 square miles
and a population of 21,000 out of 36,500 in Elk County.
OBJECTIVE:
The primary objective of the EDC is to help promote economic growth
in our area by assisting new and existing industries in obtaining
low-cost financing for expansion and improvement projects. Funding
is predicated on job creation and/or preservation. The EDC also
serves as an intermediary between its clients and governmental
agencies and service industries in pursuit of resolutions to issues
inhibiting the growth objective.
TYPES
OF FUNDING: The EDC has access to 2 sources of State funding:
1.
Pennsylvania Industrial Development Loans (P.I.D.A.)
2. Machinery and Equipment Loans (MELF)
The
Pennsylvania Department of Community and Economic Development
Corporation certified the EDC's participation in these programs
on March 1, 1989. Total projects obtained to date exceed $30,000,000.
A
third source of funding was established in 1999 through the United
States Department of Agriculture, known as a Revolving Loan Fund.
Grant monies from the Department and matching funds from Elk County
Development Foundation and the Elk County Community Foundation
formed the investment pool for this program. The State and the
City of St. Marys provide funding for a portion of the operating
cost of the EDC.
Clients
served under the three loan programs represent a diverse industrial
mix, such as powdered metals,
tool & die, carbon, advanced technology instrumentation and secondary
operations. Loans range from $10,000 to $1,750,000 depending on
project size and jobs created. Interest rates vary depending on
economic conditions in the operational area.
ST. MARYS EDC BOARD
Executive Director:
Raymond W. Klaiber Jr.
President:
Jerry Cotter
Vice-President:
Gwen Auman
Treasurer/Secretary:
Joseph J. Stefanelli
Val Weis
Jim Burke
Leo E. Ehrensberger
Rob O'Leary
Victor C. Straub
Richard L. Wolfe
|
Loan
applications are available at the office.
CONTACT
INFO:
St. Marys Area Economic Development Corporation
Raymond W. Klaiber, Jr., Executive Director
4 Franklin Center,
St. Marys, PA 15857
Hours:
9:00 am to 4:00 pm Monday-Friday
Phone: 814-781-3804
Fax: 814-781-7302
Email: stmarysedc@alltel.net
Please
contact the EDC office for assistance with your financial or service
needs.
