The Council of Development Finance Agencies (CDFA) recently held its 5th annual Summer School in Pittsburgh, PA from August 6th- August 10th. The Council requested that Pete Krauss, the Executive Director of The Bucks County Industrial Development Authority (BCIDA), teach a two-session course on Revolving Loan Funds. The BCIDA, established in 1967 and currently managing over $10 million in federal and local loans, has partnered with over 40 privately held and non-profit organizations in the past five years alone.
The CDFA is a national organization comprised largely of municipal and county development agencies, but also of bankers, financial advisors, etc. The organization, begun in 1982, has dedicated its 36 years of operation to the advancement of state and local economies through the employ of public-private financial partnerships.
The Summer School Program, a weeklong intensive on economic development, serves as a comprehensive introduction to topics ranging from Bond Financing to Revolving Loan Funds. The Summer School Program is one of a multitude of events that the CDFA hosts and manages. Each of the many CDFA events- from their ongoing webcast BNY Mellon to state conferences- is committed to helping communities utilize the tools already at their disposal in the pursuit of economic vitality.
Mr. Krauss, who has served as the Executive Director of the IDA since 2013, has a great deal of experience with these kinds of public-private finance partnerships. Mr. Krauss was instrumental in establishing Pennsylvania’s Main Street Program, Ben Franklin Technology Partners, and the Pennsylvania State Enterprise Zone Program, among other projects.
The course on Revolving Loan Funds, attended by approximately 100 young professionals on the afternoon of August 9th, covered everything from key management elements, managing a successful revolving loan program, to the successful marketing of those programs. The BCIDA’s own use of revolving loan funds has helped to expand a number of businesses and non-profits in the County, including but not limited to manufacturing facilities, software development firms, and senior living centers.
The Bucks County Industrial Development Authority Board of Directors was honored to have Mr. Krauss present at the event. We are hopeful that public-private development continues to nurture the economic stability not just of Bucks County and the Keystone State, but also the country.