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The Progress Home >> Thursday, July 24, 2014 - Curwensville Development Corp. discusses revolving loan program

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Curwensville Development Corp. discusses revolving loan program
Thursday, July 24, 2014
By Dianne Byers Staff Writer
CURWENSVILLE - Curwensville Development Corp. discussed its revolving loan program at yesterday's meeting.
Earlier this year, CDC established a program for eligible retail, commercial or industrial businesses in Curwensville and Grampian boroughs and Penn and Pike townships. Those chosen for participation in the lending program could receive 80 percent of the cost or up to $10,000 for projects including acquiring land or buildings, purchasing machinery or equipment or improving or rehabilitating structures or property.
Loans would be paid back over a five- to 15-year period depending on the type of project. Interest rates are competitive with market rates.
To date, CDC has not had any business complete the program and receive funding. Two businesses applied but did not complete the criteria.
The board also noted work is under way to rehabilitate property along Cooper Road formerly used by the Howe's Leather tannery. The factory was open from 1903-2003.
Clearfield County Economic Development Corp. received a $1 million grant for brownfield remediation and develop the 26.5 acres for future industrial use.
The work to be done includes demolishing the existing structures, removing foundations and sludge from a number of lagoons on the property. According to published reports, three sites of environmental and safety concern will be cleaned up through the project. On the project's completion, six to eight parcels of property will be marketed for industrial use.
Yesterday, CDC heard the project is "right on schedule" and plans are to have the work wrapped up by Sept. 1.
CDC members also heard a report on the progress of the Blueprint Communities program. Curwensville Community Center's application for a regional program including Curwensville and Grampian boroughs and Bloom, Penn and Pike townships was recently chosen for the Blueprint Communities program sponsored by FHL Bank and administered by the state's Downtown Center. It was one of six applications chosen in the state.
The mission of the BC program is to serve as a catalyst to revive older communities and neighborhoods by building strong local leadership, collaboration and development capacities. It also encourages sound planning including a clear vision for the community and an implementation strategy. The BC program also supports coordinated investments in member communities by public and private funding sources.
John Wright, CDC member and BC core team member, said work is under way gathering data for a five-year comprehensive revitalization plan that includes goals and steps needed to achieve them.
CDC will send a letter in support of the program outlining its desire to see job creation and employment opportunities created through the program. It will also detail the existence of its revolving loan program as a possibility for funding for businesses who want to locate in the region.
CDC changed the date of its November meeting to Nov. 19, as the regular meeting date would fall on the day before Thanksgiving.
CDC's next meeting is Sept. 24 at 9:30 a.m. at Northwest Savings Bank's conference room, Curwensville.
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