Category: Business Finance

SEDA-COG’s Business Finance Department recently assisted Centre WISP Venture Company with an EDA COVID-19 loan to purchase fiber and equipment for a fiber-to-the-home (FTTH) project in Centre and Mifflin counties. Centre WISP Venture Company was formed in January 2019 in State College, PA by David and Laura Gibbons.

Centre WISP is an Internet Service Provider that started servicing customers located across the counties of Centre, Mifflin, Juniata, and Perry Counties in July of 2019. They serve customers in areas that were, until Centre WISP deployed service, either unserved or under-served.  The business has grown to provide broadband internet access to thousands of customers. SEDA-COG provided them loans in 2020 out of the SEDA-COG Broadband RLF loan fund so they could provide wireless service in Juniata, Perry, and Mifflin Counties.

This FTTH footprint in Centre and Mifflin counties will allow them to provide what is known as “gigabit symmetrical” service.  This provides 1,000 megabits upload and download speeds to connected homes. The first FTTH footprint they will deploy in Mifflin County will allow them to serve approximately 500 homes.

The second FTTH footprint that they would like to deploy following completion of the Mifflin County project, is located in Centre County. This is a smaller neighborhood than the Mifflin pilot project, but this neighborhood has underground utilities, so the deployment cost is somewhat higher per home.

They will also offer phone service for a nominal fee, and TV service through a partnership with a national TV provider, in order to be able to provide competitive “triple play” products.

The SEDA-COG EDA COVID-19 loan is for a term of 10 years with a fixed low interest rate. Centre WISP was also awarded $12 million through the FCC Rural Digital Opportunity Fund (RDOF) to build fiber optic home internet in areas within Centre, Mifflin, Juniata, Northumberland, and Huntingdon counties. 

Tina Showers, SEDA-COG Principal Program Analyst worked with Jennifer Heebner, SEDA-COG Program Analyst, to bring this financing package to fruition.

“Centre WISP was in a bit of a unique position during the COVID-19 pandemic, in that their business actually grew significantly. As a telecommunications provider, they were classified as ‘critical’ during the pandemic and were not forced to shut down. Their business has essentially doubled in gross revenue and customer count over the course of the pandemic. Their services are needed even more so as a result of COVID-19 and we were thrilled to be able to help them,” said John Reichard, SEDA-COG Business Relationship Manager.

“Fiber To The Home (FTTH) is uniquely suited to address broadband challenges in rural areas. This FTTH build is the first of its kind of Mifflin County and will soon be the largest in Centre County in terms of serviceable homes,” said David Gibbons, CEO and Founder of Centre WISP.

“This service is bar-none the fastest, most reliable broadband available, and we’ve kept the price point accessible too. We’re activating customers in both service areas as we speak, and they are receiving real and immediate value from this significant investment,” he continued.

For more information about SEDA-COG’s loans, please contact John Reichard at jreichard@seda-cog.org or Brooks Luzier at bluzier@seda-cog.org.

As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.

SEDA-COG recently assisted Actuated Medical, Inc. and Brave Stream LLC with a SEDA-COG EDA COVID-19 loan, a SEDA-COG ARC RLF loan, and a SEDA-COG IRP loan.

Actuated Medical, Inc. is a business based out of Bellefonte that strives to improve patient outcomes by designing the next generation of innovative and advanced medical devices.

The SEDA-COG EDA COVID-19 loan was for the purchase of new equipment. The new equipment will enable them to grow their machining capabilities, expand their neural device and endoscope research, and update some older equipment. The COVID loan was also for working capital to facilitate their ability to build inventory on a new product they have developed. The SEDA-COG ARC RLF and IRP loans were for property renovations that were completed by Weston Construction of Milesburg. 

“For more than 12 years, Actuated Medical has been located in 2 buildings. The SEDA-COG loans have enabled us to upgrade the facility and co-locate our team in one larger building. This is allowing us greater team interaction to innovate medical devices that improve patient outcomes. The funds have also been used to purchase advanced equipment to enhance our development capabilities and grow our contract services business,” said Maureen L. Mulvihill, Actuated Medical President & CEO

SEDA-COG partnered with Jersey Shore State Bank on this project. The SEDA-COG loans offered the borrower low-interest fixed rates for their financing needs. 

John Reichard, SEDA-COG Business Relationship Manager worked with Mulvihill and Trevor Stark, Commercial Lender at the North Atherton Street State College Branch of Jersey Shore State Bank, to bring this financing package to fruition.

Reichard said, “SEDA-COG is pleased to assist in the continued growth of Actuated Medical. The fixed rate loans we were able to provide will give the company some stability given the uncertain economic conditions and continued high inflation impacting small businesses.” 

For more information about SEDA-COG’s loans, please contact John Reichard at jreichard@seda-cog.org or Brooks Luzier at bluzier@seda-cog.org.     

As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.

SEDA-COG recently welcomed Brooks Luzier as a Loan Officer within the Business Finance Department.

Luzier has over ten years of experience in banking, customer service, and sales. He previously worked as the Commercial Relationship Manager for Jersey Shore State Bank. Luzier currently serves as a Board Member for both the Lock Haven YMCA and the River Valley Regional YMCA. He received a Bachelor of Arts degree in Political Science from Lock Haven University in 2010.

SEDA-COG is a community and economic development agency in Lewisburg and is one of seven Local Development Districts in Pennsylvania. SEDA-COG enhances the quality of life and economic advantage for residents and businesses in the 11 central Pennsylvania counties through its vital partnerships and initiatives.

SEDA-COG’s Business Finance Department recently assisted Hofbrau Pizza with an EDA COVID-19 loan to purchase the property and restaurant known as The Hofbrau located at 106 East Bishop Street, Bellefonte, PA. This loan is in partnership with Jersey Shore State Bank, working directly with Commercial Lender, Gregory Wendt.

The Hofbrau has been a Bellefonte staple since 1973, serving generations of hungry pizza lovers over the years. The restaurant was started by “pizza king” Bill McFadden who developed a special crust recipe that was used in his various restaurants including Bellefonte, State College (Faccia Luna) and Alexandria, Virginia (Faccia Luna). Now at the helm of Hofbrau Pizza are Ruth and Bryan Sampsel.

Ruth Sampsel has been in the restaurant industry for over 20 years and has been with The Hofbrau for 15 of those years. When the opportunity arose for her to take over the restaurant, she was ready to put her stamp on the next generation of the Centre County institution.

On March 17th, 2020, The Hofbrau went from a full dining restaurant with an in-house seating capacity of 80 people, to a take-out only concession. Throughout the pandemic, the restaurant was forced to move to paper plates, plastic silverware, and moving an employee from the kitchen to the front of the house to take phone orders.

As a result of the pandemic, prices for everything have skyrocketed. This loan eases the burden of the cost increases for The Hofbrau.

“We were able to get an amazing rate with this loan, which will in turn allow us to pass on savings to our customers. The cost of everything has gone up, but the loan grants us the ability to keep our prices down,” said Sampsel.

Sampsel continued, “this restaurant is not just to feed people – I am welcoming you into my home. It’s a place for friends and family to gather, laugh, and enjoy time together. We live and work in a wonderful community and our restaurant allows us to see everyone and connect for years to come.”

Tina Showers, SEDA-COG Principal Program Analyst worked with Jennifer Heebner, SEDA-COG Program Analyst, to bring this financing package to fruition.

“The pandemic presented immense difficulties for all businesses, but particularly those in the hospitality industry. We are thrilled to be able to assist such an iconic and long-standing restaurant in Bellefonte, and cannot wait to see them grow and expand,” said Showers.

Their hours are Monday through Thursday 4 to 9 p.m., Fridays and Saturdays from 4 to 9:30 p.m., and Sundays from 4 to 8 p.m.

For more information about SEDA-COG’s loans, please contact Tina Showers at tshowers@seda-cog.org.

As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.