The U.S. Treasury Department has informed the Chester County Economic Development Council (CCEDC) that the organization has achieved the next major step in becoming a community development financial institution (CDFI) to support underserved businesses across the region. CCEDC has been awarded $300,000 in technical assistance to build operational capacity and provide training and education.

CCEDC president and COO Michael Grigalonis noted that this achievement required CCEDC to demonstrate an ongoing commitment to aiding businesses owned by minorities and women.

The announcement comes as CCEDC awaits an additional $7.6 million to support the Pennsylvania Catalyst Loan Fund, which provides a fixed interest rate of 5.00% to businesses of all sizes for uses such as working capital, inventory, workforce development, and equipment. Loans typically range from $50,000 to $200,000, with borrowers providing equity up to 20%.

CCEDC's announcement regarding CDFI status comes on the 30th anniversary of the establishment of the CDFI fund by the U.S. Treasury. CCEDC began the multi-year application process about a year ago. Business loans administered by CDFIs are funded by the government and private sector and can include term loans, lines of credit, SBA loans and commercial real estate loans.

The Chester County Economic Development Council is a private, nonprofit economic development organization that has promoted smart growth in Chester County and the surrounding region for more than 60 years. CCEDC provides financing solutions, cultivates workforce talent, leverages business partnerships, and fosters entrepreneurial collaboration. Together with the support of the private and public sectors, CCEDC initiates, implements, and innovates programs that seek to improve the business community and enhance the quality of life in Chester County. For more information, visit www.ccedcpa.com.