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June 2014 Newsletter

NEDCO Spotlight:  Kingsley ShopRite of Broadheadsville, PA
STEVE URSICH – TARA A. BURNS – MAY 27 2014, 10:04 AM ETNortheastern Economic Development Company (NEDCO) is pleased to announce the completion, as of July 2013, of Small Business Administration (SBA) funding for their largest project to date.  In 2011, NEDCO partnered with Wayne Bank and several other local lenders to complete the relocation and expansion of the ShopRite of Broadsheadsville.  The project combined traditional bank financing and SBA 504 funds to construct the 95,000-square-foot shopping center. The new location now boasts the largest ShopRite location in the world.  In addition to the expansion, the project saw the creation of nearly 200 jobs, with the location now employing nearly 450 local employees.  Christopher Kingsley, Vice President/General Manager, was satisfied with his experience in receiving SBA 504 loan funding through NEDCO:  “The assistance from NEDCO and the SBA was very important to seeing this project come together and ultimately being completed” said Kingsley.  “Our family is very pleased to offer such a beautiful shopping experience to our customers, and it may not have been possible without the help of NEDCO and the SBA.”NEDCO is a Certified Development Company (CDC) that specializes in economic development projects in Northeast Pennsylvania.  The SBA 504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program provides small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion, modernization, and job creation.  Call NEDCO today (570-457-6726) to receive more information about how we can assist in matching you with an SBA program to service your small business needs.
Closing the credit gap:  SBA sets fees at zero on low-dollar loans
TARA A. BURNS – MAY 23 2014, 11:06 AM ETThe Small Business Administration (SBA) is always looking for ways to help our community grow.  As your local Certified Development Company (CDC), Northeast Economic Development Company (NEDCO) provides our customers with the opportunity to put their creativity and ingenuity to work for the community.  Small business owner and entrepreneurs are critically important to the growth and sustainability of our local economy.  They cultivate talent, know-how, and hard work to create jobs in our community and keep our citizens employed.  That is why SBA wants to make investment and reinvestment easier and cheaper for its customers.As of October 2013, the SBA has set forth a new initiative that sets fees to zero on 7(a) loans under $150,000.  This is significant because it makes small-dollar loans affordable for borrowers and encourages lending to small businesses that would otherwise face challenges to accessing credit.  In northeastern Pennsylvania, small-dollar loans are vitally important to the local economy.  These loans are effectively accessed and applied by entrepreneurs to finance small businesses and startups in underserved communities.  By providing the means necessary for job creation and expansion, it is NEDCO’s mission to reach more business owners and positively impact our neighborhoods and communities.SBA has made the small-dollar loan programs simple and easy.  The Small Loan Advantage program has reduced its paperwork, making it more convenient than ever for the borrower to access financing for job creation and expansion.  The Community Advantage program opens the opportunity for SBA loans to mission-based as well as non-profit lenders.  NEDCO can assist in matching businesses with the loan program that would best serve our customers.
Through SBA, NEDCO has the tools to provide the opportunity for northeastern Pennsylvania’s small business owners and entrepreneurs to diversify, hire, and expand.  Contact us by phone (570-457-6726) or on the web ( for more information on SBA loan programs.  At NEDCO, we aim to serve you in the endeavor to impact growth and bolster the vitality of our local economy.  It is time to revive and re-imagine our community.  What can an affordable SBA loan do for your small business?
What are SBA 504 loans?
TARA A. BURNS – MAY 27 2014, 1:42 PM ETThe Small Business Administration’s 504 loan program was designed to assist small business owners in financing the purchase or improvement of major fixed assets, such as real estate or equipment.  Long-term fixed rate loans are granted through community development companies, like NEDCO, who match customers with the SBA loan program that best serves their small business.  NEDCO provides small businesses with the financing necessary for expansion and modernization which creates jobs and strengthens our local economy.SBA 504 loans may be used to purchase land or existing buildings; build new facilities or make improvements to existing facilities; or purchase long-term equipment and machinery.  Small business owners may also refinance debt from purchasing or renovating facilities and equipment.  Loan terms vary based on the type of loan granted.  Loan terms for land and buildings are 20 years while terms for machinery and equipment are 10 years.  Some of the advantages of the 504 loan program include: lower down payments, fixed rate financing, and the ability to include soft costs such as furniture, engineering, and permitting fees.  Call NEDCO today to find out if your small business qualifies for an SBA 504 loan (570-457-6726).

Meet Our Staff

Stephen Ursich
Executive DirectorStephen Ursich earned his B.S. in Economics from The University of Scranton, and is currently working on his MBA in Finance at the University of Scranton.  He graduated, with honors from the University of Scranton, the Pennsylvania Bankers Association (PBA) School of Commercial Lenders, and the Central Atlantic Advanced School of Banking.Stephen joined Northeastern Economic Development Company of PA-CDC, Inc in June of 2013. He has over 14 years of banking experience, focusing on retail and commercial lending. He has extensive knowledge in banking procedures, cash flow analysis, business analysis and loan structuring.Stephen most recently served as a Business Consultant with the University of Scranton Small Business Development Center specializing in Marcellus Shale related business activities.  He also recently completed 2 ½ years serving as the President of the Board of Directors for The Greater Carbondale Chamber of Commerce. In addition, he currently serves on the Wayne Memorial Long-Term Care Board of Directors, which oversees a long-term care facility in Waymart, Pennsylvania.  He serves on the Board of Directors of The Risk Management Association (RMA) Northeast Pennsylvania Chapter.  Stephen is also the owner of two self-storage businesses located in Lackawanna and Susquehanna Counties.
William Giovagnoli
Vice PresidentBill Giovagnoli earned his B.S. in Business Administration with a major in accounting from Widener University.  He has practiced public accounting for over twenty years and is currently a senior accountant and manager at Rainey & Rainey, CPAs in Scranton, Pennsylvania.  His professional activities include his service on the board of directors at Northeastern Economic Development Company; managing partner at Cornerstone Investment Partners; majority shareholder at Giovagnoli Acquisition Company; member of the American and Pennsylvania Institutes of Certified Public Accountants; member of the board of trustees at the Valley Community Library-Lackawanna County Library System; and member of the board of directors of the United Neighborhood Centers of Northeastern PA.Mr. Giovagnoli worked on both commercial and governmental audit engagements.  He was the lead accountant for a number of these engagements, and also, as a principal, he collaborated on the final review and approval of additional engagements.  Most of his experience has been in the areas of providing accounting and taxation services to medium and large sized businesses with a strong emphasis on tax planning, as well as tax preparation for individuals.  Although having exposure to a broad base of clients, there was some concentration within the industries of banking, construction, insurance and investment firms, medical practices, and retail fast food establishments.  His auditing experience included the audits of several local governmental entities and school districts, as well as some not for profit organizations.  Because of the range in the size of his clients, Mr. Giovagnoli was often engaged to assist in establishing or reviewing accounting and internal control systems within a company.  Mr. Giovagnoli has experience with providing business valuation services for divorce proceedings, gift and inheritance tax purposes, insurance purposes, and for sales transactions.  He has provided testimony in Lackawanna and Susquehanna County Court, and before the American Arbitration Association.  Through independent study and review, Mr. Giovagnoli has significantly expanded his knowledge in the area of Estate and Financial Planning as well.
Tara A. Burns
Government Relations SpecialistTara Ann Burns earned her B.S. in Diplomacy and International Relations with minors in both Economics and Spanish from Seton Hall University in South Orange, New Jersey.  She graduated magna cum laude and was active in several honor societies and student organizations on campus.  She will attend Penn State University’s Dickinson School of Law in the fall of 2014, where she will pursue a Juris Doctorate degree.Tara joined Northeastern Economic Development Company in May of 2014, where she applies her experience in developmental economics and government relations to NEDCO’s growing portfolio.  Her past work experience includes production assistance at Comedy Central’s award-winning satirical television program, “The Colbert Report” in New York City; legislative assistance for Pennsylvania state Senator John P. Blake in Scranton, Pennsylvania; and legal assistance at Wanda M. Akin & Associates law firm in Newark, New Jersey.



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