SEDA-COG Offers Limited-Time, Ultra-Low Interest Loans for Businesses

From SEDA-COG

For a limited time, a 2% fixed interest rate is being offered for Pennsylvania Industrial Development Authority (PIDA) loans, which are offered through SEDA-COG.

Those interested should contact SEDA-COG (contact info is below) before Nov. 15, as applications need to be received by Dec. 31 to get this excellent rate locked in.

The PIDA board approved this interest rate incentive to encourage businesses to make investments and grow jobs in Pennsylvania. For more information about PIDA and eligibility, click here.

Then, starting on Jan. 1, 2018, interest rates will be set quarterly on Jan. 1, April 1, July 1, and Oct. 1 of each year using the current 10-year U.S. Treasury rate as an index benchmark, as follows:

  1. Real Estate Loans: The borrowers will have four options:a. For term loans with a regular amortization, a fixed interest rate for the full term of the loan, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point, plus 100 basis points.

    b. For term loans with a regular amortization, a fixed interest rate for the first seven years of the loan term, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point. After the initial seven-year period, the rate will automatically reset to the then-current 10-year U.S. Treasury rate, rounded to the closest quarter point. The reset rate is limited to a 200 basis point increase/decrease.

    c. For 10-year term loans with a 20-year amortization period, a fixed interest rate for the full term of the loan, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point, plus 100 basis points.

    d. For 10-year term loans with a 20-year amortization period, a fixed interest rate for the first five years of the loan term, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point. After the initial 5-year period, the rate will automatically reset to the then-current 10-year U.S. Treasury rate, rounded to the closest quarter point. The reset rate is limited to a 200 basis point increase/decrease.
     

  1. Equipment Loans: A fixed interest rate for the full term of the loan, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point, plus 100 basis points.
  1. Working Capital and Account Receivable Lines of Credit: A fixed interest rate for the 12-month term of the credit line, set at the 10-year U.S. Treasury rate, rounded to the closest quarter point, plus 100 basis points.
  1. Pollution Prevention Assistance and Energy Efficiency Loans: A fixed interest rate of 2% for the full term of the loan. 

To take advantage of this ultra-low interest loan, contact SEDA-COG at 570-524-4491 or email one of its senior relationship managers directly!

John Reichard, Senior Relationship Manager II

Ray Haden, Senior Relationship Manager I

The Columbia Montour Chamber also offers its own ongoing low interest loan program, which allows qualified borrows to take out between $5-20K for no longer than five years. 

Williams Receives Final Key Permits for Atlantic Sunrise Pipeline Project

From Williams

Thanks to the continued and dedicated efforts of several key partners, including those of the Columbia Montour Chamber, after a multiyear regulatory process, Williams has received key permits from the Pennsylvania Department of Environmental Protection (PA DEP) and U.S. Army Corps of Engineers for the Atlantic Sunrise project.

This critical energy infrastructure project — an expansion of the existing Transco natural gas pipeline — will connect abundant Marcellus gas to consumers in the U.S. and is estimated to support 8,000 jobs and inject a $1.6 billion economic impact in the project area during construction, including a projected economic impact of $85.5 million in Columbia County and surrounding areas alone. Williams is also encouraging workers that come into the local area from outside of it to work on the project to buy local through a local app being developed that will feature local businesses, which can be featured on the app at no charge just by registering

Williams received the Chapter 105 (Water Obstruction and Encroachment) and Chapter 102 (Erosion and Sediment Control) permits from DEP on Aug. 30 and the Clean Water Act Section 404 permit from the U.S. Army Corps of Engineers on Aug. 29. 

The company will immediately commence the process of requesting the Federal Energy Regulatory Commission’s (FERC) Notice to Proceed for all remaining construction of Atlantic Sunrise, with a target of beginning greenfield pipeline construction in Pennsylvania this fall.

Williams committed to moving forward with construction in strict adherence with our permits in a manner that protects safety and minimizes impacts to communities and the environment. 

In addition to these key federal and state permits, Williams also received FERC approval to place a portion of the project into service early. Accordingly, it expects to begin partial service today, Sept. 1, providing 400,000 dth/day of firm transportation service on Transco’s mainline facilities to various delivery points. The partial service milestone is the result of recently completed modifications to existing Transco facilities in Virginia and Maryland.

Williams is pleased to have reached these important milestones to move forward with Atlantic Sunrise. This vital project will leverage existing infrastructure to deliver economic growth and expand access to affordable Pennsylvania-produced clean-burning natural gas, to support thousands of manufacturing jobs, and improve the quality of life for all residents of the Commonwealth.

Everyone on the Atlantic Sunrise team and at Williams thanks all those that have provided ongoing support, including reaching out to Gov. Wolf, and for those individuals’ tireless efforts to support the growth of American energy, American jobs and a brighter economic future for Pennsylvania.

Members Learn About the Chamber’s Various Offerings and Benefits

Members enjoyed a hearty lunch from Berrigan’s Subs and learned about all of the various benefits available to them as Chamber members at the Member Orientation on Thursday, Aug. 24, held at the Fairfield Inn & Suites Bloomsburg (pictured) and sponsored by U.S. Gypsum, Kawneer and Bloomsburg University

 

A presentation detailed all of the various opportunities for members and/or their organizations to:

– Increase their business’ exposure
– Build business relationships through networking events
– Learn about various issues of consequence to the business community through the various educational programs offered by the Chamber
– Utilize the Chamber’s many informational resources to assist them in various aspects of their business
– Potentially decrease costs and save money through the Chamber’s affinity programs through ChamberChoice, including the Penn National business insurance program and the OnDemand Energy program
– Use the Chamber to advocate for or against a specific policy, ordinance or piece of legislation that could potentially impact their business, either positively or negatively

If you weren’t able to make it to the event, but would be interested in hearing a customized version of the presentation and learning about additional ways the Chamber can benefit your business that you may not already be aware of, please contact Matt Beltz at 570-784-2522 or by email to schedule a meeting. 

Members Enjoy Networking Over Tasty Grilled Food at Ken Pollock Ford Lincoln

Chamber members enjoyed a full early-evening meal hot off the grill thanks to host Ken Pollock Ford Lincoln and also had a chance to check out the dealership’s wide selection of new and preowned vehicles in between networking at the first Business After Hours of the month on Wednesday, Aug. 16. A proud member of the local community, Ken Pollock Ford Lincoln will be renovating its showroom at its Berwick dealership in the coming months, and hopes to host another Chamber event in the future to show off the newly remodeled showroom when it is complete. For more information about Ken Pollock Ford Lincoln, visit its website, Ken Pollock’s overall auto group website, or call 888-527-0304. 

Business After Hours provide regular opportunities to build business relationships while learning about the services offered by other Chamber members. The next Business After Hours is on Wednesday, Aug. 30 at Geisinger Bloomsburg Hospital, 549 Fair St., Bloomsburg, from 4:30-6:30 p.m. 

Members Learn About Business Opportunities Surrounding Upcoming Atlantic Sunrise Pipeline

Mike Atchie from Williams gives attendees at Tuesday’s Learn at Lunch an overview of the Atlantic Sunrise pipeline project. He also spoke about the WILLShop Local mobile app, which will encourage workers to patronize local businesses and which local businesses and sign up to be listed on for free.

An engaged group of individuals from Chamber member organizations heard the latest updates on the Atlantic Sunrise pipeline project and also about the many opportunities for business development that will be brought about by the pipeline project once it gets underway later this year. Mike Atchie, director of community outreach for Williams, spoke to the group at the August Learn at Lunch, held on Aug. 8 at Wesley United Methodist Church. He began the presentation by giving the audience a brief summary of how and why the project came about and everything that has happened in the three-plus years to get the necessary approvals and permits. Williams is awaiting a few final permits and then plans to get the project started in the fall, taking a about a year to complete. The purpose of the pipeline is to add additional transmission capacity for gas coming out of the Marcellus Shale region in north central Pennsylvania so that the gas can be more easily exported to other states and areas up and down the east coast through the Transco pipeline. According to statistics released last month by the U.S. Energy Information Administration, PA ranked second in the nation in natural gas production for the fourth straight year in 2016. 

The Atlantic Sunrise pipeline will run through Columbia County on its way to connect with the Transco pipeline in southern Lancaster County. Some workers that will construct the pipeline in Columbia County will be from outside the immediate area and will therefore need to locate goods and services. In order to encourage its contractors to patronize local businesses during their time here, Williams has developed a mobile application called WILLShop Local and all local businesses are encouraged to sign up, free of charge, to be listed on this app. 

The next Learn at Lunch is scheduled for Tuesday, Oct. 10, from 12-1 p.m. (location TBA) and will feature a speakers talking about the ChamberChoice affinity programs that are available as benefits of Chamber membership, specifically the Penn National business insurance program and the OnDemand Energy program.