Subject: Pennsylvania Treasury's E-newsletter
From: "Treasurer Rob McCord" <[email-masked]>
To: <[email-masked]>
Date: 1 Nov 2010 12:07:53 -0400

November 01, 2010

www.patreasury.org

Treasury Innovations Improve Pennsylvanians’ Economic Security

Pennsylvania is a great place for business and business leaders – I boasted about that to viewers of CNBC’s Squawk Box program on September 17. The Commonwealth continues to be a great investment, a great low-cost and low-tax state, and a world-class location.

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.

Expansion of energy efficiency loan program

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 new and innovative financing package 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.

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.

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.

Learn more about this new geothermal system financing package.

Change Management Designated “Bright Idea” by Harvard

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.

Now, Harvard University’s Kennedy School 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.

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.

Micro-lending Investment Initiative

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.

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 Micro-lending Investment Initiative 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.

In June, Treasury made $10 million in loans to five Community Development Financial Institutions (CDFIs) across the state:

Finanta (serving Philadelphia)

Greater Berks Development Fund (serving Reading/Berks)

Community First Fund (serving 13 counties in Central PA with offices in Lancaster, York, Harrisburg, Reading, and Exton)

The Progress Fund (serving Greensburg/Pittsburgh)

Bridgeway Capital (serving Pittsburgh)

I look forward to sharing the ultimate outcome of our Micro-lending Initiative – how the funds benefit businesses and communities across the Commonwealth.

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 patreasury.org.

Yours with appreciation,

Rob McCord
Pennsylvania Treasurer

Rob McCord, State Treasurer | Pennsylvania Treasury
www.patreasury.org

Click Here to be removed from this list

conversation-id
108135
date-last-viewed
0
date-received
1288627675
flags
8623750145
remote-id
26289