Mike Conway, executive director of MVEDC, says while the first-half numbers are lower than first-half 2013 numbers, he still expects to finish the year on pace with 2013.
"We never count the loans until they're closed and disbursed.
We're expecting that number to be much more in line with what it was last year," Conway
In 2013, MVEDC
helped to provide $5.26 million in loans to 31 companies.
This year, most of the work has been with sectors MVEDC has worked with the past couple of years, Conway
"We're seeing growth in all areas that we've seen growth in the last two or three years, primarily manufacturing, commercial activity in the service as well as retail sectors.
And we're still seeing interest in the second- and third-tier suppliers to the shale activity," Conway
says, in addition to development in logistics and transportation.
The only area that has receded is the use of MVEDC railroads to transport goods.
Such use is down 65% from last year, he
says, but most of that loss came from one company MVEDC serves that cut back on rail shipments.
If it goes through, the biggest loan MVEDC will make this year is $2 million to help fund construction of a hotel.
Because it's so early, Conway
can't provide specifics other than it "is in the area," is associated with a chain and will cost $8 million to build.
"If you look at our overall lending activity for the past 16 months, loans have averaged a little over $100,000 per project," he