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SPC’s Business Finance Assistance Programs help entrepreneurs create business opportunities by acting as a public partner with local private sector lenders. SPC works with industrial development corporations and community-based development departments to create comprehensive loan packages that encourage economic investment in Southwestern Pennsylvania. Small businesses come to SPC to obtain low-interest loans for working capital, machinery and equipment, or real estate to increase business and employment opportunities.
SPC carefully reviews every business applying for assistance, analyzing numerous business plans each year. Where we spot problems, our Business Finance Renewal and Turnaround Assistance Program can recommend solutions. This program offers companies affordable access to experts who can help them with strategic planning, reorganizations, debt restructuring and crisis management.
SPC has a work/fee sharing arrangement with many of our county partners. Our partners meet with the prospective client, discuss the loan programs, and assist the client in submitting applications and working with us to complete the application process. This process keeps the overall program close to the member communities.
SPC's current loan portfolio consists of 147 loans totaling principal balances of approximately $14.0 million. In 2009, the Business Finance Assistance program worked on twenty-three projects totaling $9.67 million. The loan closings exceeded $2.1 million and leveraged $5.15 million in private sector money.
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Fabin Brothers Farm
When it comes to agriculture loans, SPC's Business Finance Assistance staff has worked via several regional economic development agencies to understand the needs of various types of agricultural projects. SPC worked through the Indiana County Planning and Development Department to establish a relationship with representatives from Fabin Brothers Farms, a familyowned and operated grain and livestock farm in Indiana, PA.
Farmers in western Pennsylvania raising soy beans were being forced to ship their product hundreds of miles to be crushed. The transportation costs were negatively impacting their profits in a time when profit margins were slim at best. The Fabin Brothers decided to establish a soy bean crushing facility in Indiana County to meet not only their needs, but the needs of their fellow farmers as well.
"SPC's program gave us the ability to finance and literally move forward with the capital intensive soybean crushing facility. Their services helped our small business expand, create opportunities, and get started producing value added products. It was a pleasure working with the team at SPC."
-- Rick Fabin, Principal, Fabin Brothers Farm
Greene Team Pellet Fuels, Inc.
An example of a successful manufacturing business project occurred when SPC received an inquiry from Greene Team Pellet Fuels Inc., (GTPF) for money to allow them to expand their operation. GTPF manufactures pellets for wood pellet stoves at a growing facility in Garard's Fort, Greene County. Over the past several years, the business relationship between SPC and Greene Team has grown significantly.
When asked how he feels about SPC Moe Galis, President and founder of GTPF said:
"SPC not only helped us get our business off the ground, but when we needed money to expand and grow the operation they were right there to assist our efforts. It has been a pleasure working with the entire SPC Business Finance Assistance staff. I would recommend them to any business requiring additional capital to grow or improve their business. We feel that SPC has contributed to the growth and success of our business."
-- Greene Team Pellet Fuels, Inc
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For more information about SPC's Small Business
Finance Program, contact Richard Wallace at (412)
391-5590 x322 or BusinessFinance@spcregion.org.
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