EDC

Organization: The St. Marys Area Economic Development Corporation (EDC) is a private non-profit organization established as a corporation on June 26, 1985 (501c/3). It is managed by a nine person board from the local communities of the City of St. Marys, Jay Township, Fox Township, and Benezette Township. The EDC services a geographical area of approximately 319 square miles and a population of 21,000 out of 36,500 in Elk County.

Objective: The primary objective of the EDC is to help promote economic growth in our area by assisting new and existing industries in obtaining low-cost financing for expansion and improvement projects. Funding is predicated on job creation and/or preservation. The EDC also serves as an intermediary between its clients and governmental agencies and service industries in pursue of resolutions to issues inhibiting the growth objective.

Types of Funding: The EDC has access to two sources of State funding: Pennsylvania Industrial Developments (P.I.D.A.) and Machinery and Equipment Loans (MELF). The Pennsylvania Department of Community and Economic Development Corporation certified the EDC's participation in these programs on March 1, 1989. Total projects obtained to date exceed $30,000,000. A third source of funding was established in 1999 through the United States Department of Agriculture, known as a Revolving Loan Fund. Grant monies from the Department and matching funds from the Elk County Development Foundation and the Elk County Community Foundation formed the investment pool for this program. The State and the City of St. Marys provide funding for a portion of the operating cost of the EDC. Clients served under the three loan programs represent a diverse industrial mix, such as powdered metals, tool and die, carbon, advanced technology instrumentation and secondary operations. Loans range from $10,000 to $1,750,000 depending on project size and jobs created. Interest rates vary depending on economic conditions in the operational area.

Loan applications are available at the office: St. Marys Area Economic Development Corporation, 4 Shawmut Square, St. Marys, PA 15857. Telephone number: (814) 781-3804. FAX: (814) 781-7302. E-mail: stmarysedc@penn.com. Office hours are 9:00 a.m. to 4:00 p.m., Monday through Friday. Please contact the EDC office for assistance with your financial or service needs.