Economic Insider — May 21, 2010

Director's Focus
Great Job NTMA

A well deserved congratulations goes out to the Northwest PA Chapter of the National Tooling and Machining Association and its leadership for its sponsorship and coordination of the TechFest event held at our Bessemer facility last week. The event attracted hundreds of area students, who were introduced to the region's potential for technology-related careers.

NTMA is to be applauded for its recognition of the importance of maintaining and nurturing the region's workforce and for encourgaing youth to focus on innovation and the abundant possibilities available to them in Northwestern PA.

NTMA Chair, Deborah Pipp, Dennis Frampton (C&J Industries), Tami Adams (NTMA), Kim Flynn (Starn Marketing), and Chuck Guiste (PMI) proved an excellent management team for this event and are to be commended for their continuing commitment to the economic development of the community.

Until next time...

Mark Turner

IRP Loan Funds Available

The Economic Progress Alliance currently has funding available from the USDA Intermediary Relending Program (IRP) to aid businesses located in or moving to Crawford County with their land and building, machinery and equipment, or working capital needs. In 2008, the Alliance received a $500,000 loan from the USDA to replenish their existing IRP revolving fund; and at this time, there is still money available to assist area businesses with their financing needs. Please contact Patricia Winsor, Director of Grant Services at the Economic Progress Alliance, at (814) 333-2299 x 230 or via email at pwinsor@economicprogressalliance.com with any questions regarding the available IRP funds or for more information on additional lending assistance programs.

Private Higher Education Growing

According to a recent economic impact report released by Pennsylvania's Association of Independent Colleges and Universities (AICUP), 16,338 new jobs have been added in the private, post-secondary education industry sector moving private colleges and universities from the 7th largest payroll producer in the state in 1999, to the 4th largest in 2009. Two recessions since the last study in 1999 have gravely affected industry growth in many sectors, causing some industries to completely drop out of the list of top 10 paryoll producers. While higher education is not recession proof, Don Francis, President of the AICUP, feels that they have dealt with the recessions better than most private industries. Proving the point, recent research and surveys by the AICUP show a statewide economic impact of $16.1 billion by Pennsylvania's private colleges and universities.

National Small Business Week

National Small Business Week has been an annual tradition since 1963, and was created to honor the economic impact of the nation's small business owners and entrepreneurs. Small businesses create 60-80 percent of new jobs in the country, drive innovation, and are major contributors to the American economy. National Small Business Week takes place in Washington, D.C., from May 23-25, and will honor the nation's estimated 27.2 small businesses. For more information on National Small Business Week, visit www.nationalsmallbusinessweek.com.