The Chester County Economic Development Council (CCEDC), a nonprofit economic development organization, recently released key milestones for fiscal year 2019-2020 at its annual stakeholders’ meeting.
Milestones include financing 582 business projects totaling $1.64 billion, investing $844,000 in Keystone Innovation Zone funding, and leveraging an additional $4.4 million in funding.
Nonfinancial milestones included more than 7,400 people participating in workforce development activities, providing 79 business-to-business referrals, supporting 122 local startups, sourcing personal protective equipment through CCEDC’s network of more than 30 volunteers on its Global Business Advisors board, collaborating on 17 economic development projects, and building strategic relationships overseas.
During the pandemic, CCEDC also administered $5.07 million in grants to 248 companies, assisted bank partners and local businesses process 582 Paycheck Protection Program Loans totaling $58 million, and assisted 98 companies with COVID-19 Working Capital Access program applications to attain $7.4 million in funding.
“The year will certainly go down as one of our most challenging ever,” Gary Smith, CCEDC president and CEO, said. “We began this fiscal year with a strong economy that was undermined when COVID-19 introduced turmoil to our professional and private lives. Yet the business community has persevered.
Businesses countywide support the CCEDC.