20 Years of Economic Impact
May 1st marks the 20th Anniversary of the launch of the Regional Development Alliance. It’s a milestone they’re excited to achieve and involves a celebration they share with communities across a seven-county region.
The RDA’s mission, from day one, was to provide financing to growth companies located in the communities they serve. Connie Chadwick, the executive director of the RDA explains, “We always believed that by assisting firms with an alternative source of capital to meet their expansion needs, we could directly impact the process of new job creation.”
Well the proof, as they say, is in the pudding. To date, companies financed by the RDA have created over 6,000 regional jobs. Chadwick continued, “Over $26 million has been committed to area firms of all sizes in support of expansion opportunities. We are particularly proud of the fact that this money has gone to companies in all seven counties in our region.”
Since its inception the RDA has received over $2 billion in loan requests.
To maintain a quality client experience, the RDA has added flexibility to their efforts over the years. Today they’re able to give full consideration to funding applications from nearly every business sector. Regarding usage guidelines Chadwick noted, “Funds received from the RDA may be used for operating capital, real property, equipment, inventory, startup costs or other appropriate expenditures. Loans can even be used to finance retail operations in limited rural areas of the region.”
In addition to their standard loan program, the RDA also offers a microloan program designed for startup businesses needing small amounts of cash to help jump-start a great idea.
The RDA Board of Directors has provided guidance for the last two decades. This voluntary group represents every county in the region and is made of people who are truly committed to the region’s well-being.