2009 Archives
Two Family-Owned Cumberland County Businesses Recieve Small Business First Loan Financing from the Harrisburg Regional Chamber & CREDC
HARRISBURG, PA (September 21, 2009) - The Harrisburg Regional Chamber & CREDC (HRC/CREDC) announced today that it provided financing through the Small Business First (SBF) loan program to two Cumberland County family-owned businesses.
- Leroy and Joyce Reif purchased land from Leroy's father to operate an angus beef farm (110 Strohm Road, South Hampton Twp, Shippensburg). The purchase of the land preserves the agricultural use for the family's next generation of farmers.
- Kesslers Incorporated, (1201 Hummel Ave, Lemoyne Borough), famous for the production of Nittany Lion Franks, purchased new machinery and equipment for their facility. Kesslers is a family-owned business that has been in operation since 1916.
These deals increase the economic impact of CREDC financing in Cumberland County to over $56 million since 2001. Cumberland County ranks in the top 10 statewide for Small Business First Deals in Pennsylvania for the period 2003-04FY to present. During that period of time, Small Business First Deals represent approximately 40% of the work CREDC has done in Cumberland County. Other assistance provided by CREDC for local businesses came from a variety of state and federal sources. CREDC's overall economic impact for the Region now tops $250 million.
HRC/CREDC assisted the Reif family in obtaining an SBF loan of $200,000 for the project. This loan was part of a financing package that included credit from Cumberland County Farm Service Agency and other equity contributions. The total project costs were $409,800.
HRC/CREDC assisted Kesslers Incorporated in obtaining an SBF loan of $142,210. This loan was part of a financing package that included credit from Integrity Bank and other equity contributions. The total project costs were $355,541. Kessler's is a well known local manufacturer and distributor of meat and other food items. Brands include Kessler's, Nittany Lion Franks and numerous private labels.
Kessler's was begun in 1916 and has remained a family-owned business through four generations with products available throughout the northeast and are also exported. Kesslers currently employs 34 full-time positions and are committed to retaining all of them within the next three years.
The Small Business First program is designed to stimulate the expansion and assist in the retention of small businesses for the purpose of creating new jobs and retaining existing jobs. SBF provides low-interest loan financing for a portion of the costs of land, building, machinery and equipment, and working capital to businesses unable to fully finance these projects with equity, bank financing, or other private and public sources.
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 including the Murata Business Center in Carlisle.
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.
