Will Armitage from the Economic Development Corporation

President Ken Farley then introduced our speaker Will Armitage from the Economic Development Corporation, formerly the Biddeford Saco Area Economic Development Corporation.  EDC was created in 1992 by the City of Biddeford, City of Saco and Biddeford Saco Chamber of Commerce.  Its initial mission was focused on economic development within Biddeford and Saco.  In 2008, it expanded its programs to cover all of York County.  EDC’s mission is to promote sustainable, long term economic prosperity within the communities it serves.  Its financing consists of eight revolving loan programs totaling $5 million dollars.  Approximately $6.5 million is available for lending.  It currently has 83 active loans totaling over $4.9 million dollars.  Historically, its loan write offs have been a mere 2%. 

 

          In addition to providing financing, EDC also serves as a resource center.  The Maine Small Business Development Center, Maine Procurement Technical Assistant Center and the Maine Center for Woman, Work and Community all provide services out of EDC’s Main Street, Saco location.  In addition, it has spearheaded numerous special projects including the Biddeford Saco Branding Initiative and the Buy Local Campaign.  It also has collaborated with the City of Biddeford and the Heart of Biddeford in the City’s Main Street Challenge Program.

 

          Will was happy to report that recent EDC activity is moving away from loan workouts towards new business financing.  During the first three months of EDC’s current fiscal year it has enjoyed over $1 million in loan activity.

 

          Special thanks to Will for updating the Club regarding EDC’s significant contributions to the economic development in Biddeford, Saco and York County.