Pennsylvania Treasury's E-newsletter

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2010-11-01 16:07:53
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<td style="HEIGHT: 30px" bgColor=#3d4f59 vAlign=center align=left><font class=text color=#ffffff><span class=date>November 01, 2010</span></font></td>
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<p align=right><font class=text color=#ffffff><span class=date><a href="http://t.lt01.net/q/UtN-431lDZBUQhBYjTDkFWrG5VQC3ioN3yEjU9dr5CBwtQ9GjuVdbqjCt">www.patreasury.org</a></span></font></p></td>
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<p><span style="FONT-FAMILY: 'Calibri','sans-serif'"><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><span style="COLOR: #1f497d"><font color=#000000 size=2 face=Verdana><span style="FONT-FAMILY: 'Times New Roman',
'serif'; FONT-SIZE: 14pt"><strong><br>Treasury Innovations Improve Pennsylvanians’ Economic Security</strong></span> <br><br><img style="WIDTH: 299px; HEIGHT: 224px" border=0 hspace=10 vspace=10 align=right src="http://media.lt01.net/4552/11-01-2010.jpg"></font><font color=#000000 size=2 face=Verdana><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Pennsylvania is a great place for business and business leaders – I boasted about that to viewers of <a href="http://t.lt01.net/q/mIsDfWQ_VPMQLpMEhAgC49P_UtwAWe17WzZW0TbjaAz8YBxGOq4bRPh6I">CNBC’s Squawk Box program</a> on September 17. The Commonwealth continues to be a great investment, a great low-cost and low-tax state, and a world-class location.</span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Our work at the McCord Treasury is focused on creating economic growth and increased economic security however possible. Today, I get to share some of my colleagues’ recent – and award-winning – accomplishments. Using innovation and increased transparency, our team designed new approaches that have saved money and increased efficiency.</span></p>
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<p><i><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><strong>Expansion of energy efficiency loan program</strong></span></i></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">This week, I visited Peter and Laurel Hartwell who are using Cleona-based G.F. Bowman, Inc. to install a geothermal heat pump system in their the Hummelstown home. Alongside our program partners Department of Environmental Protection Secretary John Hanger and AFC First Financial Corporation President Peter Krajsa, I announced <a href="http://t.lt01.net/q/j25kbhxIoUVJYuO1l5A-eaJYgBY5hjgzhBRHHMP2F5B0aILGLr8PsPlG2">a new and innovative financing package</a> through Treasury’s innovative and unique Keystone Home Energy Loan Program (HELP), which combines a low-interest HELP loan with a companion loan given in anticipation of federal tax credits available for the installation of these fuel-conserving systems.</span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Geothermal systems are a fantastic way to save energy – but they require an initial investment, and it can take time to get the tax credit back from the federal government. This important addition to Keystone HELP helps Pennsylvania homeowners to do the right thing for the environment without putting a strain on their families’ cash flow.</span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">I call Keystone HELP a “triple winner”: families can make energy efficiency improvements to their homes that save money and reduce energy use, the Commonwealth earns a secure return, and the program creates good-paying, much-needed jobs for local installers, contractors, and manufacturers. Less pollution, lower costs, and more jobs – good work on three fronts.</span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><a href="http://t.lt01.net/q/9EO2t64qmcTj5iQko5nF0QKjGMgU6Nxq67lLdTsAOUoDrBwGMWFs4RozE">Learn more about this new geothermal system financing package</a>. </span></p>
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<p><i><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><strong>Change Management Designated “Bright Idea” by Harvard</strong></span></i></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">As I recently shared with you, our Bureau of Change Management and Internal Audits arose as a first-of-its-kind internal consulting team at Treasury, and it developed over $17 million worth of savings and benefits to Pennsylvanians last fiscal year alone.</span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Now, <a href="http://t.lt01.net/q/scLox-Saq-VHl4Mtc2rd8MYmcNFi-OqS-g0S1V5_6iQ6jD9Ggf_5b5cRc">Harvard University’s Kennedy School</a> has recognized the productive, efficiency-enhancing work of this team of Treasury employees. The Change Management team is one of the country's state government initiatives recognized as a “Bright Idea” – exemplary models of government innovation and advances that address the nation’s most pressing public concerns.</span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">I am proud of this project and proud of how we brought private-sector insights to a complex government operation. We used talented existing staff – avoided spending – and it worked! I will continue to update you on the cost-savings and efficiencies identified by this innovative band of employees. </span></p>
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<p><i><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><strong>Micro-lending Investment Initiative</strong></span></i></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Far too often, small business across Pennsylvania struggles to access the capital they need to start-up, hire their first employees, and get off the ground. </span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Micro-lending programs are perfect funding solutions for small businesses that need capital too large to go on a credit card and too small to come from a traditional bank. More common internationally, Treasury’s <a href="http://t.lt01.net/q/1TwrAtUX6YOw_STdif4vi-enCFoUtf0gtVnVcu8EDUT7BpSGZAv8NfimT">Micro-lending Investment Initiative</a> contributes to the growing examples of how to “translate” micro lending to U.S. markets, where small businesses like farmers markets or neighborhood restaurants can drive the economic development of downtown or economically depressed areas. </span></p>
<p></p>
<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">In June, Treasury made $10 million in loans to five Community Development Financial Institutions (CDFIs) across the state:</span></p>
<ul>
<li><span style="FONT-FAMILY: Symbol; FONT-SIZE: 12pt"><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><a href="http://t.lt01.net/q/67tNojpnfyZr75929kYeVYb0RG65jXCujsA7IFzx-5NVJJZGULwzff9X7">Finanta</a> (serving Philadelphia)</span></li>
<li><span style="FONT-FAMILY: Symbol; FONT-SIZE: 12pt"><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><a href="http://t.lt01.net/q/aUZ139IF5JlD69PEe98Yw1TSicUM94xW9EgvklTIOMEjcLKGdmtTqQetU">Greater Berks Development Fund</a> (serving Reading/Berks)</span></li>
<li><span style="FONT-FAMILY: Symbol; FONT-SIZE: 12pt"><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><a href="http://t.lt01.net/q/_6Jc4mcacaMOa7x16eQ5yZ7Nks3emkFemIDSfjTAPeL--wTG9sAT8c6M6">Community First Fund</a> (serving 13 counties in Central PA with offices in Lancaster, York, Harrisburg, Reading, and Exton)</span></li>
<li><span style="FONT-FAMILY: Symbol; FONT-SIZE: 12pt"><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><a href="http://t.lt01.net/q/onfsni_hojYEJ4sc25oz0ifZjQyZi_kFi7b01CrweZlo6OoG8xHrBH2un">The Progress Fund</a> (serving Greensburg/Pittsburgh)</span></li>
<li><span style="FONT-FAMILY: Symbol; FONT-SIZE: 12pt"><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><a href="http://t.lt01.net/q/9VYaUm7obK86T-cV6_jfap2CuFOFmysImh3qlxCuiF1RYdAGhDaCz_62V">Bridgeway Capital</a> (serving Pittsburgh)</span></li></ul>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">I look forward to sharing the ultimate outcome of our Micro-lending Initiative – how the funds benefit businesses and communities across the Commonwealth. </span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">My staff and I are committed to growing these innovative and beneficial programs, and we will continue to identify new ways Treasury can increase the economic security of Pennsylvanians and strengthen our state’s economy. As always, I encourage you to keep in touch via <a href="http://t.lt01.net/q/artCwnCxGch-oL8zdGJc_gbPccornXAFnb75B3HsRrdit8JGGWJHQ5dhr">patreasury.org</a>. </span></p>
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<p><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Yours with appreciation,<br><br></span><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt"><img src="http://media.lt01.net/4552/cs-signature.jpg"><br><br></span><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Rob McCord<br></span><span style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 12pt">Pennsylvania Treasurer</span></p>
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<td class=text align=middle><img src="http://media.lt01.net/4552/footer.jpg"><br><br>Rob McCord, State Treasurer | Pennsylvania Treasury<br><a href="http://t.lt01.net/q/SFnvSzKutxgTs6UhlaiM_Z_5GOKjzHySzUw83EaXVjvybaQGQpDat4lBF" target=_blank>www.patreasury.org<br></a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></center>
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