PEDA - Pennsylvania Economic Development Association

Preconference Session: Best Practices for Managing a Revolving Loan Fund

  • 04/11/2016
  • 9:00 AM - 12:15 PM
  • Hilton Harrisburg, 1 N. Second St. Harrisburg, PA 17101

Registration


Preconference Session:  Best Practices for
Managing a Revolving Loan Fund

You can download the registration brochure here.

This session is recognized by PEDA and by the Pennsylvania Economic Development Institute.

A revolving loan fund (RLF) is a self-replenishing pool of money, utilizing interest and principal payments on old loans to issue new ones. This 3-hour preconference session will provide you with direction and show how an RLF program can complement your existing tools, encourage investment and assist traditionally underserved businesses.

Defining an RLF / Overview

  • Determining how an RLF can help achieve your objectives
  • Exploring the various options for designing an RLF
  • Identifying funding source
    • Whose is it? (EDA, USDA, CDBG, CDFI, private, etc.)
    • What strings are attached?
    • What are the reporting requirements?
  • Acknowledging strengths and weaknesses of RLFs
    • How are they different from the existing state programs? (PIDA, SBFF) 

Administering an RLF

  • Building the right team
  • Identifying the right software
  • Instituting the right processes
  • Marketing
Assessing Opportunities
  • Conducting due diligence on borrowers and projects
  • Determining what documents are needed to make a decision
  • Presenting to your committee

Closing the Loan:  From Preparation to Monitoring

  • What comes before?
  • What comes after?

Handling a Deal That’s Gone Bad

  • Managing risk
  • Restructuring terms
  • Utilizing software

    PRESENTERS

    Wanda Speight is Senior Vice President, Financial Services at PIDC, Philadelphia's public-private economic development corporation. She is a financial services executive with over 25 years of experience in business development, underwriting, and management positions. Ms. Speight leads a team responsible for the development of strategy, underwriting, and execution of financial transactions.  Prior to joining PIDC, Ms. Speight served as an Executive Vice President with Opportunity Finance Network (OFN), managing OFN’s strategic financing division.  Her responsibilities included the design and implementation of new financing strategies, products, and systems for the community development financial institutions (CDFI) industry.

    Rick Novotny serves as the Executive Director of the Erie County and City of Corry RDA along with the Corry Area Industrial Development Corporation and the Corry Industrial Benefit Association’s (501-C3). When Rick first assumed this role, the Community had just experienced significant plant closings and layoffs and was looking for leadership in reversing the downward economic trend. Rick, through the assistance of the PA DCED (in particular, the Enterprise Zone Program) has been able to create new employment opportunities for several thousand area residents while growing the industrial base of the community. Rick’s day to day responsibilities include managing multiple projects, a small staff of 7, budgets, and continual board and client interaction.  Rick has a unique ability to find opportunity in the midst of adversity, and then using creative approaches turn those opportunities into community and economic successes.

    In 1992, Rick was hired as the Economic Development Specialist for the Corry RDA and was put in charge of filling a newly built, near vacant (24,000 sq ft) industrial incubator. Soon after that, he acquired an Enterprise Zone Designation for the Corry Area and grew the revolving loan fund to over $8 million in 8 years. The economic activity caught the attention of the newly elected County Executive who encouraged Rick to take his expertise countywide. Rick was appointed Executive Director of the Erie County RDA in 2003 and the county provided and $8 million grant to launch a county-wide revolving loan fund. These loan programs have grown to over $22 million and industrial real estate holdings exceeded 200 acres and nearly 1 million square feet of leasable space. The ability to carry out these programs with a small dedicated staff has enable the combined organizations to be operationally self-sufficient while playing a significant role in the growth of the economic base of Erie County.

    Prior to joining the Erie County and Corry RDA, Rick was employed in the Northwest Pennsylvania Regional Planning and Development Commission and before that owned and operated a franchise restaurant.

    Rick earned a Bachelor of Science Degree in Computer Application and Information Systems from Clarion University in 1986 and completed a majority of credits towards an MBA at Clarion University.

    Paul Cooney is the Director of Business Development and Loan Programs with the Altoona Blair County Development Corporation. He is responsible for promoting and underwriting the various loan programs offered by ABCD Corp. throughout Blair County Pennsylvania. In addition he markets the SBA 504 program across Central and Western Pennsylvania. In the fall of 2015 Paul received certification as an Economic Development Finance Professional (EDFP) from the National Development Council.

    Mr. Cooney joined ABCD in 2004 after working 15 years with M & T Bank where he served in a number of capacities including commercial lending and credit analysis.

    Paul is a graduate of Penn State University with a BS in Finance. 

    Register by March 31st to be included on the attendee list.

    Attention Certified Providers: This course is approved to provide 3.00 organizational PDUs (Finance) as explained in the Guidelines for Certification of Economic Development Organizations issued by the Pennsylvania Department of Community and Economic Development and in the Institute’s Policies and Procedures.

    *Note: We reserve the right to reschedule or cancel this offering.  In the event of a cancellation, a refund will be provided to registrants.

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