AEDC receives $5,000 from PPL to support program activities
“We appreciate the continued support of the AEDC mission by the PPL Foundation,” said Executive Director Scott Unger. “It is clear that PPL understands the importance of the role that economic development plays in growing the manufacturing sector here in Allentown and across the Lehigh Valley.”
AEDC’s nonprofit mission is divided into three primary activities: industrial property redevelopment and management, business incubation, and business retention and expansion. Through its efforts, AEDC has returned more than 30 acres worth of vacant or underutilized properties back onto the tax rolls of the city, reducing blight and creating local manufacturing jobs in the heart of Pennsylvania’s third-largest city. Currently, AEDC owns, operates, or manages 62 acres of property with over 1.7 million square feet of building space.
Over its 29-year existence, the Bridgeworks Enterprise Center, founded in the refurbished Mack Trucks Plant 4A in 1989, has helped launch more than 61 companies in Allentown that have created more than 618 jobs. Today, ten early-stage manufacturing companies call the AEDC business incubator home, along with several microbusinesses and independent professionals who occupy the building’s Flex Office & Coworking space.
The business retention and expansion programs of AEDC are aimed at ensuring that the existing manufacturing companies in Allentown have the resources they need and an advocate representing their interests across the various organizations and service providers in the region. AEDC manages $3.655 million in funding across four loan programs on behalf of the city: the Pennsylvania Minority Business Development Authority, Enterprise Zone, Allentown Development Company, and the City of Allentown Economic Development revolving loan funds. Additionally, AEDC staff members visit several manufacturing companies each year as a means of “keeping a finger on the pulse” of what’s happening in the local economy.
“At PPL, we firmly believe in the importance of investing in economic development. It is part of our larger commitment to improving the communities where our customers and employees live and work,” said Carol Obando-Derstine, PPL Electric Utilities Regional Affairs Director.
About Allentown Economic Development Corporation
Allentown Economic Development Corporation is an independent nonprofit organization whose mission is to improve vacant and underutilized properties within the City of Allentown in order to create an environment where manufacturers and other companies can flourish throughout their lifecycle, from launch to rapid growth, and on to long-term success and profitability. By doing so, AEDC can advance the economic vitality of Allentown and the Lehigh Valley through job creation and business growth.
For more information, please visit our website: http://allentownedc.com/
About the PPL Foundation
Through strategic partnerships, the PPL Foundation will support organizations that are working to create vibrant, sustainable communities and empowering each citizen to fulfill her or his potential. The PPL Foundation contributes more than $2 million annually to a wide variety of nonprofit organizations. For more information, visit www.pplcares.com