EDC Lancaster County Updates | June 2019 - Click here if you are having trouble viewing this message.
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2019 Member Briefing
EDC's 2019 Member Briefing

EDC hosted its annual Member Briefing luncheon on Tuesday, June 4th at the Pennsylvania College of Health Sciences. This event brings together representatives from EDC's member companies to network and learn more about EDC's work and its impact on the community. Attendees heard updates on EDC's business retention and expansion efforts and the development of the Center for Regional Analysis, along with some key data points on Lancaster's economy. Thank you to all of the attendees and to EDC's sponsors who help underwrite the cost of this event.

Save the Date - EDC's Annual Meeting will be held at 7:30AM on Tuesday, November 5th at the Lancaster Marriott at Penn Square. Look for an invitation in early Fall.
 
Welcome, Kaveh Hasani!
Kaveh Hasani
EDC is excited to introduce Kaveh Hasani, the Center for Regional Analysis' new economist. Kaveh has a master's degree from Emory University and recently graduated with a Ph.D. in Economics from The University of Alabama. Kaveh expands CRA's capacity to deliver economic forecasts and modeling with a regional focus.

Rounding out his technical skills, Kaveh is a professional percussionist, multi-lingual and enjoys running, hiking and swimming.
PIDA Approval for Industrial Park Loan
Vintage Business Park
EDC Finance borrower, Vintage Business Park, was approved by the state on Wednesday, May 8, 2019 for a low-interest loan to support the development of industrial parks. The state loan totals $2.25 million. Vintage Business Park will be located at 27 S. Vintage Road, Paradise Township. The site, which is zoned for this type of use, is expected to feature 20 properties that can accommodate a wide variety of businesses from the Township and eastern Lancaster region. It is anticipated that when the project is at full maturity a total of 100 to 200 jobs will be created. The project will meet the needs of a variety of growing Plain Sect and on-farm businesses that are challenged to find available industrial sites in the immediate area. 

To read the LNP press release, click
here.
 
Vegetable Plant Grafting Farm Receives
Next Generation Farmer Loan
Michael & Kaitlin Horst, farmers and owners of Re-Divined, have recently received approval for a Next Generation Farmer Loan (NGFL). The loan, bundled with conventional financing, will allow the Horst's to receive a tax-exempt interest rate to assist with the purchase of a 42.55-acre farm in Conoy Township. Their new farm was planted for Spring 2019 with tomatoes, vegetables and grain crops with their complimentary business being grafted vegetables which they supply to nurseries up and down the East Coast. Grafted plants are stronger and less susceptible to disease. 

The Horst's worked on their NGFL with EDC team member Leigh Bardell. Kaitlin says of her experience that, "she [Leigh] did a great job of facilitating the process and equipping us with knowledge as we bought a farm, the first farm to be owned by either of our families. We also appreciate the enthusiasm of the EDC team for what we are undertaking as we grow and supply grafted vegetable plants and produce to the local community and beyond."  
 
EDC Finance Update
Lending Rates
PIDA 15yr: 3.50%
SBA 504 20yr: 3.99%
SBA 504 25yr: 4.10%