EDC Lancaster County Updates | May 2019 - Click here if you are having trouble viewing this message.
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A Break to Educate: Economic Development Lending
Recap of EDC's A Break to Educate

EDC hosted over 60 attendees for A Break to Educate: Economic Development Lending on May 2, 2019. The presentation provided insight to the Lancaster business community on the economic development loan tools administered by EDC Finance Corporation. To view the presentation, click here. For more information about EDC's economic development lending options contact Randy Johnston.

Save the Date - On Tuesday, September 17th EDC will host A Break to Educate: Boroughs Collaborative. Look for more information to be released in the coming weeks.
 
Thank You, EDC Members!
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EDC membership dollars directly support EDC's daily work to retain and expand Lancaster County's existing business base. EDC is thankful to the community for its strong support. In 2019, EDC boasts a membership total of 141, including 9 new members. To view a current list of EDC members, click here.

CRA's Labor Market Snapshot

Employment remains strong in Lancaster. Mirroring national trends, employment figures registered a growth in jobs and a drop in the unemployment rate. Lancaster added just over 1000 jobs in March, and the unemployment rate was at an all-time low of 2.9%. These two figures, in conjunction with high consumer confidence, indicate healthy fundamentals in our economy. However as the year progresses, CRA is closely watching labor market dynamics. Looking at the numbers behind the headlines, two dynamics signal a tightening labor market, without necessarily accompanying economic expansion. Unemployment fell primarily because our labor force contracted. More people left the labor market than we added jobs. This warrants continued attention to future job growth numbers, and the bottom line still means challenges for business.

More thoughts by Naomi Young, Director, Center for Regional Analysis recently appeared in LNP. Click here: Making sense of 'consumer confidence' as a measure of the economy to read her column.

EDC Finance Borrower Attains SBA Loan
EDC Finance borrower, El Toro Barbacoa, recently received approval for a $129,500 SBA 504 loan in conjunction with senior financing from Community First Fund. The project represents how economic developement interests can come together to support a community endeavor, an objective of EDC's Borough's Collaborative. The new restaurant owners will revamp the vacated space previously occupied by The Barn Door which was a staple in Millersville Borough. El Toro will offer Latin-BBQ inspired fare and their anticipated opening is end of summer 2019.
 
AHF Finalizes Local Expansion Plans
AHF Products, which manufactures solid and engineered hardwood flooring products, announced in early May that it will expand its presence in Lancaster County. The expansion will create nearly 70 jobs. EDC helped provide support to the company and its representatives during its site location search, including helping to coordinate with the Governor's Action Team. Click here to read the Commonwealth's official press release.
 
EDC Finance Update
Lending Rates
PIDA 15yr: 3.50%
SBA 504 20yr: 4.27%
SBA 504 25yr: 4.40%