ARTICLE
As manufacturing continues to move at the speed of light with rapid technological advancements and automated processes changing the way products get made, companies often struggle to finance upgrades, growth and expansion. Thursday’s Manufacturers’ Summit IX, hosted by the Greater Lehigh Valley Chamber of Commerce, sought to alleviate that dilemma by offering a forum for executives and leaders to learn about loans, tax credits and other financial solutions. The event, hosted at ArtsQuest Center at SteelStacks in Bethlehem, drew nearly 200 guests for “Show Me the Money: Financial Resources for Manufacturers.” In her keynote address, Sherri Collins, deputy secretary for the office of technology and innovation for the state Department of Community & Economic Development, spoke about how her department helps manufacturers in the region locate here from other nations. And also how it helps manufacturers acquire capital by working through such organizations as Lehigh Valley Economic Development Corp. and Ben Franklin Technology Partners of Northeastern Pennsylvania, which helps many startups in the industry. Manufacturing provides a $79 billion impact on Pennsylvania’s economy, she said, noting that it’s critical to help these companies. The department helped LVEDC attract manufacturing companies from other nations to this region, including from France, Canada, China and Spain. “That’s what we are passionate about,” Collins said about manufacturing. “It’s about the companies. We provide support to our partners in economic development.” She encouraged listeners to visit www.newpa.com to learn more about how the department can help manufacturers. PANEL OF EXPERTS As part of the program, a panel discussion delved into ways manufacturers have been helped by local organizations, including the financial support they offer. Moderated by John Kingsley, vice president of economic development for LVEDC, the panel included Gary Bender, executive vice president and co-owner of SISD Inc. of Quakertown; Steve Follett, president, CEO and chairman of Follett Corp. of Forks Township; Rich Hooper, chief financial officer of Follett Corp.; and Daniel Loikits, chairman of Dynalene Inc. of Whitehall. Kingsley said Bender had been CEO of ABEC, which was a company that LVEDC worked with in helping it to find financing to grow. Bender said he joined ABEC, a manufacturer in Bethlehem, in 2005. “We were growing rapidly and then slowed down,” Bender said. “We had to raise money, and we found we had to invest in technology, and that was a challenge. We contacted CareerLink [a workforce development organization in Allentown] and it started off with hiring people; they helped us train employees.” Read the full article here.
As manufacturing continues to move at the speed of light with rapid technological advancements and automated processes changing the way products get made, companies often struggle to finance upgrades, growth and expansion.
Thursday’s Manufacturers’ Summit IX, hosted by the Greater Lehigh Valley Chamber of Commerce, sought to alleviate that dilemma by offering a forum for executives and leaders to learn about loans, tax credits and other financial solutions.
The event, hosted at ArtsQuest Center at SteelStacks in Bethlehem, drew nearly 200 guests for “Show Me the Money: Financial Resources for Manufacturers.”
In her keynote address, Sherri Collins, deputy secretary for the office of technology and innovation for the state Department of Community & Economic Development, spoke about how her department helps manufacturers in the region locate here from other nations. And also how it helps manufacturers acquire capital by working through such organizations as Lehigh Valley Economic Development Corp. and Ben Franklin Technology Partners of Northeastern Pennsylvania, which helps many startups in the industry.
Manufacturing provides a $79 billion impact on Pennsylvania’s economy, she said, noting that it’s critical to help these companies. The department helped LVEDC attract manufacturing companies from other nations to this region, including from France, Canada, China and Spain.
“That’s what we are passionate about,” Collins said about manufacturing. “It’s about the companies. We provide support to our partners in economic development.”
She encouraged listeners to visit www.newpa.com to learn more about how the department can help manufacturers.
PANEL OF EXPERTS
As part of the program, a panel discussion delved into ways manufacturers have been helped by local organizations, including the financial support they offer.
Moderated by John Kingsley, vice president of economic development for LVEDC, the panel included Gary Bender, executive vice president and co-owner of SISD Inc. of Quakertown; Steve Follett, president, CEO and chairman of Follett Corp. of Forks Township; Rich Hooper, chief financial officer of Follett Corp.; and Daniel Loikits, chairman of Dynalene Inc. of Whitehall.
Kingsley said Bender had been CEO of ABEC, which was a company that LVEDC worked with in helping it to find financing to grow. Bender said he joined ABEC, a manufacturer in Bethlehem, in 2005.
“We were growing rapidly and then slowed down,” Bender said. “We had to raise money, and we found we had to invest in technology, and that was a challenge. We contacted CareerLink [a workforce development organization in Allentown] and it started off with hiring people; they helped us train employees.”