As we reflect back on 2016, we have pulled together some highlights summarized below that show the progress our team of economic development professionals continues to make on behalf of the Queen City, as well as improvements to our business incubation program at Bridgeworks Enterprise Center.
- Bridgeworks welcomes Entrepreneur-in-Residence Karen Campbell to assist startups in business incubation program. Campbell wants to help the startups by leveraging her more than 30 years of experience to achieve their goals.
- AEDC announced the economic impact of Bridgeworks Enterprise Center as determined by aggregated results of its annual Incubator Client Impact Survey. In 2015, the 11 Bridgeworks client companies earned over $4.1 million in revenue, more than doubling the $1.92 million the companies earned in 2012. The results from the 2015 survey are the best that AEDC has seen since it started gathering this data in 2012. The employment numbers for the Bridgeworks client companies is equally impressive. Collectively, the companies employ 26 full-time employees and another 39 people as either part-time or contracted employees. More than $1.12 million was paid in total salaries, wages and contractor fees to these employees. This marks a 50 percent increase in the number of people employed by incubator clients from 2013 to 2015, and an 84 percent increase in wages paid out to employees over the same time frame.
- Bridgeworks launches Enterprise Center Revolving Loan Fund, a microloan fund available specifically to incubator clients that provides a small, short-term loan of up to $10,000 at competitive interest rates for no more than 36 months or the remaining term of a client’s active lease.
- Polymer Contours Inc. receives $47,900 loan through the Allentown Enterprise Zone Loan Revolving Loan Fund to purchase new equipment that will allow the company to broaden its production capabilities. The funds will also be used to develop a marketing plan focused in capturing new customers in key industry sectors.
- State awards $2 million Business in Our Sites Loan to Allentown Commercial and Industrial Development Authority to assist with the redevelopment of the former Allentown Metal Works site on the city’s south side. ACIDA, in partnership with the Allentown Economic Development Corporation as the developer, will use the funds to continue to prepare the site for industrial use.
- Bridgeworks adds Advisor-in-Residence services to business incubation program with Martin Gilligan of Martin & Associates providing guidance on drafting contract terms and conditions, non-compete agreements, warranties, and other technically intensive documents.