(The following information was provided by the Montgomery County Office of Communications.)
The Montgomery County Commissioners last week approved the
release of $475,000 in county economic development funds for a MontcoForward Loan to Tech Tag & Label of
Hatfield.
The MontcoForward Loan program supports county businesses with low-interest loans of up to $1 million for economic impact and job creation projects. The loan awarded to Tech Tag & Label is the first made by the Montgomery County Redevelopment Authority (RDA) since it began administration of the county’s economic development financing programs.
In Hatfield for almost two decades, Tech Tag & Label is a business-to-business manufacturer of custom labels and tags. It will use the loan funds to purchase equipment that will allow it to expand its operations and customer base, improving productivity and creating jobs.
“Tech Tag & Label is a longtime Montgomery County business with 21 local employees, and the RDA is extremely pleased to assist them with their vision for expansion and modernization of operations,” said Rebecca Swanson, Executive Director of the RDA. “We look forward to the business growth and job creation that will result from this funding.”
The MontcoForward Loan Program (formerly the Montgomery County Opportunity Loan Program) is funded by the county’s annual capital budget allocation for economic development. Interested applicants and third parties are encouraged to review the program guidelines and contact the Commerce Department and RDA to discuss potential projects. To be considered for funding, projects must be in Montgomery County and demonstrate an economic impact as well as meet underwriting and eligibility parameters per the program guidelines.
In addition to administering the MontcoForward Loan program, the RDA serves as the county’s Certified Economic Development Organization (CEDO) for the Commonwealth of Pennsylvania PIDA loan program, and administrative entity for C-PACE and other economic development finance programs. Since 2020, the RDA has been instrumental in the disbursement of $42 million in grants to support non-profits and small businesses deal with the impact of COVID-19, completed the first C-PACE financing deal in Pennsylvania outside the City of Philadelphia, developed a Loan Review Committee to assist in underwriting of economic development financing, and has supported municipalities, businesses, and property owners in obtaining local, state, and federal loans and grants.
“I applaud the RDA’s steadfast commitment in working with the County to build the capacity to better execute on our strategic economic development goals,” said Dave Zellers, Montgomery County’s Director of Commerce. “Financing this project for Tech Tag & Label is the first of what we hope will be many new investments from the growing list of economic development tools in the RDA toolbox.”
About the Montgomery County Commerce Department
The Montgomery County Commerce Department provides economic and workforce development services and assistance to individuals, entrepreneurs, investors, businesses, communities, and institutions. Through its subsidiaries and expanding network of partners & stakeholders, the Commerce Department collaborates every day to make Montgomery County the place to live, work, learn, & invest. For more information visit www.montcopa.org/Commerce and www.MontcoForward.org, or follow @MontcoCommerce on Twitter
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