SBA Philadelphia District Office Lender Loan Volume Report

October 1, 2011 - September 30, 2012 • BCEDC Members’ Ranking

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Member's Corner

44 Business Capital Continues as Number One Volume SBA Lender in the Philadelphia District for 2012

44 Business Capital LLC continues as the top SBA lender by dollar volume in the Philadelphia District of the U.S. Small Business Administration for FY 2012 according to the recently released loan volume report from the Philadelphia District of the SBA. In 2012, 44 Business Capital extended 22 loans for $33,556,000 to small businesses in the region. 

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BCEDC Business Happenings

October 2012 - November 2012

Refrigeration Design & Services, Inc. (RD&S) has been approved to borrow $300,000 from PIDA. The amount is in addition to the previously approved amount of $1,440,000.  The loan will be used for renovations to the 33,750 square foot building. With the additional monies RD & S will create an additional nine jobs. RD&S is located in Fairless Hills, Falls Township.

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Companies On The Move

The Flynn Company represented LifeShield, Inc., a Home Security Company, in the leasing of 23,205 square feet at 2021 Cabot Blvd, Langhorne, Pa. The space will be utilized as their headquarters, sales and service. It is approximately 18,000 square feet of office and 5,000 square feet of warehouse space. The owner was represented by Brian Smyth and Dennis Durkin of CBRE. The tenant leased the space for a five year term.

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DCED Announces Program Interest Rates for the 1st Quarter

DCED is lowering interest rates for the Machinery and Equipment Loan Fund (MELF), the Small Business First Program (SBF), and the Pollution Prevention Assistance Program (PPAA), from 2.75% to 1.50%. In addition, waiving fees charged by DCED to the borrowers.

DCED has also lowered the interest rate for Pennsylvania Industrial Development Authority (PIDA) program from 2.25% to 1.50% fixed for 15 years and DCED is also waiving its fees. These rates are good for new applications and are valid until March 31,2013.

The Commonwealth of Pennsylvania is committed to growing businesses, promoting job creation, and improving the economic base of communities. By reducing interest rates and the cost of borrowing, DCED hopes to encourage new capital investment, provide critical access to capital, and free up operating cash to support new hiring.

Financial Toolbox

PECO Develops Additional Programs to Help Customers Save Energy and Money

Company files plan with PA PUC for seven new programs for residential and business customers and the continuation of six existing programs

As part of the company’s overall efforts to help customers save energy and money, on November 1 PECO filed a plan with the Pennsylvania Public Utility Commission for enhanced PECO Smart Ideas energy efficiency programs for residential and business customers. Following PUC review and approval the new programs would be available beginning in June, 2013. 

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The Bottom Line

Deal Hurdle – The Dreaded Indemnity

In representing business owners in purchasing and selling businesses, there is one area that seems to be the sticking point in almost every deal … the dreaded indemnity.

For people that regularly buy or sell businesses an indemnity is just part of the deal. There is an acceptable framework and they negotiate to get the best deal in light of the particulars of the business involved. But many owners of large and successful businesses started their business from scratch. Their business is an integral part of their life and they sell the business upon retirement in the only “M&A deal” they will ever do. To these sellers the terms of the indemnity can be the biggest hurdle on the way to closing the deal.

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Spotlight on Bucks Business

IMET President Credits 400% Increase in Sales to Broadened Capabilities with Aid from BCEDC

It’s a certainty that not many chief executives can claim their company’s sales have quadrupled over the past four years. One of the select few that can is Tom Krol, president of IMET Corporation, a multi-faceted electronics design and production firm in Southampton, PA.

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From The Desk of BCITC

BCITC Advisory Committee Conducts Second Export Case Study

The Advisory Committee of the Bucks County International Trade Council conducted their second Case Study with a local company seeking to expand internationally. Todd Lewis, President of GPS North America, a Bucks County corporation, had the opportunity to present his company and seek advice regarding how to expand to new global markets.  

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Noteworthy News

DEP Announces Opening of  Natural Gas Vehicle Program

The Department of Environmental Protection announced today it will begin accepting applications December 1 for its Natural Gas Vehicle Grant program, which will provide up to $20 million over the next three years to help pay for the incremental purchase and conversion costs of heavy-duty natural gas fleet vehicles.

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