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SVIDC Transfers Administrative Duties to Penn Northwest
"SHARON, Pa. -- The Shenango Valley Industrial Development Corp. has entered into an administrative services agreement with the Penn Northwest Development Corp. through which all administrative activity, including management of its PA Industrial Development Authority, loan portfolio, general administrative and accounting functions, and continued work on various projects will be transferred to Penn Northwest, officials announced yesterday. The SVIDC is a private nonprofit industrial development corporation that has provided economic development services to business and industry for over 50 years in the Shenango Valley region of Mercer County. SVIDC will retain its board of directors and continue to function in support of economic development in the Shenango Valley area, according to William Strimbu, chairman.Recent SVIDC projects have included the redevelopment of Broadway South and the Henry Evans Industrial Parks, City of Farrell, and the multi-tenant facility and Broadway North in Sharon, he noted.Penn Northwest Development Corp., a private nonprofit economic development corporation serving Mercer County, has offices in Mercer. Penn Northwest provides economic development marketing functions, conducts the Team PA business and industry call program to 250 existing Mercer County companies annually and administers the Mercer County industrial Growth Fund, a low-interest loan program available to industrial and manufacturing firms. Recently, Penn Northwest was awarded $1.5 million in state funding by the Commonwealth Financing Authority for acquisition and development of the Stateline Industrial Park in the City of Hermitage. Penn Northwest has a full time staff of five professionals plus two affiliate staff, one from the Northwest Industrial Resource Center and the other the Gannon Small Business Development Center."