NOTEWORTHY NEWS | CARL WALLNAU

Longtime BCEDC Board Member Passes Away at 99

Carl Wallnau was a man who had a zest for life. He never stopped learning. His apartment was filled with stacks of manuals and books. Carl was a man of many talents, he was a writer, he played the trumpet, he was an engineer, an attorney & a corporate executive. He dabbled in the stock market as a day trader just for fun. He was a strong family-oriented person. 

Carl served in WWII under both Patton and Jimmy Doolittle surviving many adventures in Tunisia, Naples, Sicily and behind the lines in Paris. After the war he continued his adventures as a field engineer for Standard Oil, building high pressure liquid propane installation in Haiti, Cuba, and Dominic Republic-during their political revolutions. He then worked in Sales and Marketing for Meenan Oil where he was promoted to Vice President and acquisition specialist for Meenan Oil. While with Meenan Oil he bought and sold over 50 companies and put the company on the New York Stock Exchange. After leaving Meenan in 1983, he became the CEO and attorney of Standard Oil.

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THE BOTTOM LINE | EVENT SUCCESS

7 Things You Can Do to Make Your Event a Success

As modern manufacturing’s biggest stage, Manufacturing Day gives nearly 300,000 youth and their parents a powerful opportunity to see firsthand how they can create a bright future for themselves and their community through a career in modern manufacturing. Thanks to impactful events held by thousands of manufacturers across the country, those efforts are working.

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FINANCIAL TOOLBOX | PA DIVERSE BUSINESS FINANCING INITIATIVE

The Pennsylvania Diverse Business Financing Initiative: A New Way to Support Small Business – Supporting Diversity and Sustaining Growth

BCEDC is introducing a new a loan program that supports emerging diverse businesses in seven counties of southeastern Pennsylvania.

When Bucks County businesses are in search for funding and financial support, the Bucks County Economic Development Corporation (BCEDC) has always answered the call. For more than 60 years, the BCEDC has promoted small business growth through financing options and informational resources. This year, however, the BCEDC is taking it one step further by empowering diversity in business through its new loan program: the Pennsylvania Diverse Business Financing Initiative (DBFI). 

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FINANCIAL TOOLBOX | PIDA INTEREST RATES

PIDA Interest Rates for the Third Quarter of 2018

For Real estate loans financing eligible land and building costs, borrowers will have the following interest rate options:

For term loans with a regular amortization;

1. Fixed interest rate for the full term of the loan (up to a 15-year period), set at the current ten-year treasury yield + 100 basis points. Based on the current ten-year treasury yield, the fixed rate option is 3.75% for the life of the loan.

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NOTEWORTHY NEWS | KEITH RICHARDSON

BCEDC Adds a New General Board of Director

BCEDC is excited and honored to have Keith Richardson, Delaware Valley University’s new vice president for development and alumni affairs join the BCEDC Board of Directors.

Keith’s 17 years of experience in university development brings a unique skill set to the board. He has earned a bachelor’s in marketing and a master’s in organizational leadership with a specialization in higher education from Rider University in Lawrenceville, New Jersey.

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COMPANIES ON THE MOVE

Colliers International Philadelphia has successfully secured three new leases and one lease renewal in Bucks County. The Tannery, located in Yardley, welcomes two new office tenants, while Bucks Town Corporate Campus (Bucks Town), located on Town Center Drive in Langhorne, welcomes one new medical tenant along with a lease renewal. These transactions combined for a total of 44,200 SF and are valued at $6.25 million:

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BCEDC BUSINESS HAPPENINGS

Cardolite Corporation has been approved to borrow funds from PIDA, the loan amount is $1,250,000 and a total project cost of $3,180,000. The funds will be used to purchase a 32,000 plus square foot building in Bristol Township. Cardolite will be relocating from New Jersey and creating 25 jobs in Bucks County. Cardolite is a specialty chemical company creating coatings from cashew nut shells for industrial uses. The building is in an Enterprise Zone.

A healthy snack food company, Farm & Oven Snacks, Inc., received PIDA approval to borrow $275,000 to purchase equipment and set up their business in Warminster Township. A total project cost of $550,000. Farm & Oven Snacks, Inc. will create 6 new jobs. The company will be occupying 10,000 square foot located in a Keystone Innovation Zone.

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STRATEGIC EARLY WARNING NETWORK | SEWN

More Than a Tariff War

Three specific points emerged in the comments of business leaders after our last article on tariffs and their effect on local manufacturing: 

What manufacturers are fighting against is the unfair advantage enjoyed by foreign manufacturers in US markets

Tariffs represent a specific strategy that is dangerous if not used effectively

The lack of a shared, clear vision by our government jeopardizes the chances for success by regional manufacturers

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MEMBER’S CORNER | ST. MARY CARES

In May of 2015, a St. Mary Medical Center colleague was searching for an organization where she could donate medical equipment that was still in good condition but was no longer needed. Unable to find a place for her donation and thinking others might face the same challenge, St. Mary decided to fill the need.

Using a model unlike anything else in the region, St. Mary’s volunteer department along with the Community League of St. Mary secured a storefront adjacent to St. Mary’s thrift store to open the St. Mary Community Aid Refurbished Equipment Store (St. Mary CARES) in mid-June. The CARES program, staffed entirely by volunteers acts as a free medical device library, where patients with a valid medical device prescription can “check out” whatever equipment they need, for as long as they need it. The equipment is completely free and only collected via donations. 

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MEMBER’S CORNER | TMA Bucks

TMA Bucks Names New Executive Director

TMA Bucks announced at its annual meeting on June 20 that its board of directors has named Stephen Noll the organization’s new executive director.

Noll, a native of Dublin Borough who has been serving as the acting executive director since September 1, 2017, had previously served as the organization’s deputy director for more than 15 years. 

Noll joined TMA Bucks as its first deputy director in January, 2002. He has been directly responsible for planning, management, and contract administration for the nonprofit agency’s many traffic congestion reduction, job access transportation, and air quality improvement grant programs. These programs have resulted in access to employment for thousands previously without transportation and have kept thousands of tons of vehicle emissions out of Bucks County’s air. 

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MEMBER’S CORNER | SAGE FROG

Sagefrog Marketing Group Named to 2018 Best Places to Work List

Sagefrog Marketing Group (Sagefrog), a top ranked B2B marketing agency with specialties in healthcare, technology and industrial and business services, has been named to Philadelphia Business Journal’s 2018 Best Places to Work list and is the only B2B marketing agency to rank in its category.

The Best Places to Work list is Philadelphia Business Journal’s annual award recognizing local companies that not only produce great work for their clients but offer a fulfilling company culture for their employees. Sagefrog earned distinction as a Best Place to Work in the Small Companies (10 to 49 employees) category and is the only B2B marketing agency to rank in this group. 

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MEMBER’S CORNER | GREGORY KRUG

Gregory F. Krug, BCEDC Board of Director Wins Ben Franklin iXchange 2018 Partnership Award

krugGregory F. Krug, president of Lampire Biological Laboratories, Inc., received the Ben Franklin iXchange 2018 Partnership Award. Krug was honored on May 22 at Lehigh University in Bethlehem, PA. The Partner Award is given to an individual whose strong vision, dedication, and commitment have helped Ben Franklin Technology Partners (BFTP) accomplish its goals. Recipients must demonstrate a sincere desire to see the region thrive.

Ben Franklin Technology Partners is an economic development program that has helped launch and grow companies in the region for more than 31 years. BFTP helps early-stage and established companies with funding and business and technical support while providing access to a network of resources.

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MEMBER’S CORNER | Q2 2018 Industrial Research

Q2 2018 Industrial Research & Forecast Report – Regional Industrial Market

Key Trends

The regional vacancy rate has been holding at 6.4% at the end of the second quarter of 2018.

Year-to-date absorption approached 7.0 million square feet, below last year’s six-month total of 11.5 million square feet.

Asking rents increased by 3% following a 4% increase in 2017.

Construction deliveries increased during the second quarter, boosted by two 1.0-million-square-foot buildings.

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MEMBER’S CORNER

BCEDC Long time member, Bill Koelewyn, Manager, 225 Lincoln LP is elected as Chairman of the Board at Lower Bucks County Chamber of Commerce. Bill manages 225 LP, a small business incubator, Fairless Hills. To learn more about Bill and his message, www.lbccc.org/lbccc/img/2018/07/OutlookMagazineJulyAug2018Web.pdf.


PPL Electric Utilities wins seventh straight J.D. Power customer satisfaction award. To read the full article go to https://pplweb.mediaroom.com/2018-07-11-PPL-Electric-Utilities-wins-seventh-straight-J-D-Power-customer-satisfaction-award