Action Center



Additional Economic Development Funding Is Critical

Dear Economic Development Professional: 
 
PEDA believes only the continuation of a strong, bold and meaningful state stimulus package that heavily invests in economic development and recovery will allow the Commonwealth's economy to rebound from the unprecedented challenge from COVID-19. This is critical for Pennsylvania to reclaim its role as a driver of the world economy and PEDA is prepared to serve as a resource to ensure this happens.
 
With the long-term viability of the Commonwealth's small business community hanging in the balance, additional economic development funding is urgently needed. In fact, it could be argued that, following only healthcare practices and keeping schools open, economic development funding is the next most important component of the budget for FY2020-21. Without a strong economy and the state and local tax revenue that comes with it, all funding of services will continue to see a negative fiscal impact.
 
Most immediately, PEDA is advocating for the following two items - 

  1. A portion of unallocated federal CARES Act Funding and / or new federal funds must be utilized for economic development.
  2. Existing economic development programs within the annual budget must receive increased funding for the rest of the fiscal year. Our members rely on several important economic development programs within the annual state budget, such as PREP, Engage, PA Industrial Development, Minority Business Development, Ben Franklin Technology Development Authority and the PA Infrastructure Bank funds. PEDA adamantly opposes any effort to reduce any funding to these and other economic development programs. Now is certainly not the time to eliminate or shrink any programs.

Please take a few moments, today, to utilize this page, through which you may send a brief message to your state legislators, the Governor and local media to support these efforts. Out of respect for your time, you may either utilize the time-saving “Compose Your Message” tool to the right (which includes suggested language and an ability for customization) or the more detailed template letter provided below. 

Thank you for your efforts to support economic development! 
 
Sincerely,


                        
 
Michael Grigalonis                                               Steve McKnight
Board Chairman                                                  Advocacy Committee Chair



Date
 
The Honorable XXXXX
PA Senate/PA House
Address
City, State ZIP
 
Dear Legislator:
 
Only the continuation of a strong, bold and meaningful state stimulus package that heavily invests in economic development and recovery will allow the Commonwealth’s economy to rebound from the unprecedented challenges presented by COVID-19. This bold stimulus is critical for Pennsylvania to reclaim its role as a driver of the world economy.
 
Thus, we ask that both -

 

  1. A portion of unallocated federal CARES Act Funding and/or new federal funds be utilized for economic development.
  2. The economic development programs within the annual budget see an increase of funding for the rest of the Fiscal Year and we are obviously adamantly opposed to efforts to cut any funding to economic development.  Our members rely on several important economic development programs within the annual state budget, such as PREP, Engage, PA Industrial Development, Minority Business Development, Ben Franklin Technology Development Authority and the PA Infrastructure Bank funds. PEDA adamantly opposes any effort to reduce any funding to these and other economic development programs. Now is certainly not the time to eliminate or shrink any programs.Now is certainly not the time to eliminate or shrink any programs.

 
Without an economic recovery, the state will continue to see many small businesses close, large businesses relocate to other states, unemployment increase and state and local tax revenues decline. As you can see from the attached EDC Impact Study, applying these unallocated funds to local economic development will provide the cornerstone for social and business networks that will propel local economies, in turn helping the full state’s economy. Investing these funds in economic development will result in a direct return on every dollar, evidenced by businesses remaining open, jobs being retained and created and tax revenues recovering.
 
Your and the Legislature’s leadership and hard work in addressing the crisis created by COVID-19 is greatly appreciated. However, there is plenty of hard work ahead to help bring back the economy and jobs for the residents of the Commonwealth. We are available as a resource. The individuals and organizations that comprise the membership of PEDA are uniquely positioned to assist local businesses and communities recover. We are in every legislative district, county and community within Pennsylvania and have the experience and expertise required to help our economy recover from COVID-19. The PEDA network is poised to lead the charge as additional critical funding, whether federal, state or a combination of both is made available to ensure that funding goes to those most in need.
 
Since the beginning of the COVID-19 crisis, PEDA members, especially Certified Economic Development Organizations (CEDOs) and Economic Development Corporations (EDCs), have worked tirelessly to identify and help vulnerable businesses access everything from the initial COVID-19 Working Capital Access (CWCA) Program to federal CARES Act and PPP funding. However, there exists no single line item or dedicated revenue stream aimed at supporting EDC efforts, the outcomes of which are essential to the resiliency, recovery and economic growth of the Commonwealth. Thus, PEDA supports the establishment of a dedicated and/or formula funding stream for EDCs to offset their administrative costs and to ensure these agencies, located in communities throughout the state, have further resources to rebuild the Commonwealth’s economy.
 
We look forward to your response.
 
Sincerely,

 

 
 

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