2008 Archives
The Harrisburg Regional Chamber and CREDC Helps CBHNP Finance a Phase 2 Expansion Project
HARRISBURG, PA (January 16, 2008) - The Harrisburg Regional Chamber and CREDC (HRC/CREDC) announced today that it provided financing to Community Behavioral Healthcare Network of Pennsylvania (CBHNP) to expand their office facilities at Clover Hill Business Park, West Hanover Township, Dauphin County. This project is the second time CREDC has participated in a financing package for CBHNP. In the Spring of 2007 CREDC closed on a $1,442,430 PIDA loan to help the company construct its new office space. The second loan closed helped CBHNP finance the phase 2 expansion of this same office space to accommodate rapid growth and resulting increases to its employee numbers.
CBHNP was incorporated in May 1995 as a Pennsylvania not-for-profit corporation and began operations that same year. It was created through an investment of 104 charter member agencies that provide behavioral health services within the Commonwealth. CBHNP was created to contract with insurers, HMOs, and other purchasers to provide quality managed drug and alcohol and mental health services in an efficient and competitive manner. CBHNP employed 109 people, full-time, at the time of their first loan application in 2005. At that time, CBHNP committed to creating 39 full-time jobs within three years. By the time of the 2 nd loan application in January of 2007 they had already created 31 of those jobs to bring their full time employment numbers to 140. With the loan closed today, CBHNP has committed to creating 80 more full time jobs within the next three years.
Richard Edley, PhD, Chief Executive Officer of CBHNP stated, "We are excited that we have had the opportunity to obtain fixed-rate funding through PIDA (Pennsylvania Industrial Development Association) with the assistance of CREDC. CREDC made the process simple and turn-key allowing us to attend to our business. 2007 was a great year for CBHNP having grown from 140 employees to over 240 employees this year. We had planned on doubling the size of our facility within a five year period, but this tremendous growth made it happen in one year instead. CREDC helped us to confidently move through the funding process knowing that it would not take significant administrative time or cost."
HRC/CREDC provided a Pennsylvania Industrial Development Authority (PIDA) loan of $1,609,409 in conjunction with Fulton Bank financing and other equity contributions. The total project costs were $5,364,697. The PIDA loan program provides low-interest loans to eligible businesses that commit to creating and/or retaining jobs in Pennsylvania.
The Capital Region Economic Development Corporation (CREDC), is the economic development arm of the Harrisburg Regional Chamber, and is the leading organization for promoting and performing economic development activities in Cumberland, Dauphin and Perry counties. The group offers a variety of programs and resources to help attract, retain and expand business in the region.
The Harrisburg Regional Chamber & CREDC serves as a catalyst for promoting growth and quality of life in Cumberland, Dauphin and Perry Counties by providing a unique blend of business, community and economic development and advocacy services under one roof to boost our economic vitality and livability as a region. HRC/CREDC has been accredited with four stars from the United States Chamber of Commerce.
