RIDGWAY — The North Central Pennsylvania Regional Planning and Development Commission is continuing its efforts on economic development.
North Central and its partners embarked on a new initiative with the establishment of the Pressed Materials Strategy Development Consortium, which was supported through a $400,000 grant through the U.S. Economic Development Administration.
The consortium aims to position local companies in Cameron, Clearfield, Elk, Jefferson, McKean and Potter counties to be able to produce, commercialize and deploy technologies critical to entering new markets, such as electric vehicle production.
Johnny Williams, an engineering technologist at Penn State’s DuBois campus, will serve as the consortium’s regional innovation officer and help oversee the project. This initiative represents a collaboration between industry, scientific research and market needs, setting a course for the pressed materials industry to achieve global leadership within the next decade.
“With a myriad of tools that are at our fingertips, we are committed to fostering the growth of businesses and communities within our region,” said Jim Chorney, North Central executive director.
During fiscal year 2023, North Central secured more than $3 million through various federal and state programs, such as the Appalachian Regional Commission (ARC) and the state’s Department of Community and Economic Development (DCED) aiding regional projects. The commission successfully closed four project loans accounting for $575,000, leveraging an additional $3.4 million in private investment and other funding. This has not only retained 151 jobs but is also expected to create 12 new opportunities over the next three years.
While the loan department saw positive results in 2023, through June 30, 2023, the commission’s loan portfolio consisted of 168 active loans representing $18,291,703 in financing. Those numbers have grown through 2024 to include 172 loans representing $19.9 million in financing and $12.299 million in outstanding principal.
“Our loan program has helped businesses, both for-profit and nonprofit, keep their doors open, grow and expand,” Chorney said.
The commission also reported growth in its workforce development initiatives, most notably through the WEDnetPA program, which has seen increased participation. This past year, 38 companies engaged in 33 contracts, providing extensive training to more than 1,000 employees.
