Chamber Partnerships

CCED has been actively working with its local chambers of commerce to provide effective delivery of economic development services throughout Cumberland County.  The Cumberland County Chambers of Commerce are the West Shore Chamber of Commerce, the Greater Carlisle Area Chamber of Commerce, the Mechanicsburg Chamber of Commerce, and the Shippensburg Area Chamber of Commerce.

Even though we partner in many economic development initiatives such as Workforce Development, in 2010, CCED started an official partnership with the West Shore Chamber of Commerce.  This partnership included opening of a CCED West Shore branch and a strategic marketing partnership to promote CCED’s lending programs for business financing.  In January of 2011, CCED officially launched an official partnership with the Greater Carlisle Area Chamber of Commerce which included the same benefits as the partnership with West Shore.  But why were the marketing partnerships created?

Before the economic crisis, it was common to see lending institutions financing up to 90% of the cost of a project (sometimes more).  This practice is now very unusual and lending institutions have been requiring borrowers to inject more cash into a deal to reduce their level of exposure.  Many small businesses cannot afford to put in more cash.  However, thanks to economic development financing, economic development programs can partner with a lending institution and offer subordinate financing.  This type of involvement diversifies the risk of a financial transaction and saves the borrower precious cash.  The end result is more deals are done and more economic development opportunities are created.

Through the marketing partnerships, the Cumberland County Chambers of Commerce will be able to fulfill their economic development missions by continuing to assist their membership with capital needs.  In addition, CCED will also be able to further solidify its role as the premier economic development agency and lender in Cumberland County, PA.