Fay-Penn poised for a big 2017
Buoyed by its successes last year, including a record number of closed business loans, Fay-Penn Economic Development Council is looking for even bigger things this year, according to its executive director.
“The more money we can get into the hands of small business, the better,” said Bob Shark during his organization’s quarterly meeting Thursday morning at Penn State Fayette, The Eberly Campus. “The closed loans (12) are more than double what we did the prior year.”
So far, Shark’s goal looks attainable.
Fay-Penn officials announced at the meeting it has already made four loans to small businesses, totaling a combined $193,000.
Masontown Investments LLC, which does business as Fat Angelo’s Pizzeria, received financial assistance to open a Fat Angelo’s on McClellandtown Road in Masontown, a project that will create 10 jobs. A loan was also given to Laurel Highlands Brewing LLC, which is opening a brewery in Uniontown, to help it establish the business, as well as buy inventory and equipment. Four new jobs will be created.
Your Pets LLC on Connellsville Street in Uniontown was given a loan to help with the purchase of equipment and inventory for its new location in Hopwood. One new job will be added. Lastly, 3 Gems Catering in Mount Pleasant, which had been working out of a kitchen in the Polish Falcon’s building, received funding from Fay-Penn to purchase a building on Main Street for the business.
In other matters, Fay-Penn disclosed it had $2.174 million in revenue last year and $1.974 million in expenses for a difference of $200,069.
For 2017, Fay-Penn said it has a budget of $3.76 million. The bulk of the organization’s revenue — more than $2.4 million — will come from real estate rentals. On the expense side, real estate rental expenses are expected to total $1.71 million, while personnel costs are expected to top $1.11 million.
Lori Scott, a Fay-Penn economic development specialist, said the organization’s manufacturer’s consortium, which started last year, has been meeting and discussing ways companies in both Fayette and Greene can grow business.
“We’re inviting manufacturers in Fayette and Greene counties to come together,” Scott said. “We want to do more than talk. Our overall goal is to increase the bottom line.”
Members of the consortium include Fay-Penn, Fayette Chamber of Commerce, Greene County Economic Development Authority, the Greene County IDC and the Catalyst Connection, a private, not-for-profit based in Pittsburgh that provides consulting and training services for small manufacturers in Greater Pittsburgh.