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Governor Rendell Says New Student Loan Financing Company to Locate in Lehigh Valley
March 22, 2007
ALLENTOWN – Governor Edward G. Rendell announced today that Pennsylvania’s pro-business climate has prompted Fundamental Financial LLC to begin doing business in Lehigh County, creating 140 new jobs within three years.
The new company will focus on the marketing and origination of student loan consolidation financings.
“Today’s announcement is fantastic news for the Lehigh Valley,” Governor Rendell said at the future home of the company in the Roma Corporate Center. “This project will provide good, new opportunities for the area’s hardworking men and women, while boosting the local economy.
“Fundamental Financial’s decision to open in Pennsylvania is an excellent example of how our efforts to improve the state’s business climate are paying off. Over the past four years, we have successfully cut business taxes by more than $1 billion, while making strategic investments in our companies, our communities and our people. In Lehigh County alone, there are 9,900 more people working today than when I took office in 2003.”
Fundamental Financial is leasing 20,000 square feet of office space in the Roma Corporate Center in South Whitehall Township. With $1 million in capital investments by the company, Fundamental will make leasehold improvements and purchase computer equipment and office fixtures.
The company has entered into a partnership with Student Loan Express (SLE), which will fund the loan products sold by Fundamental Financial.
“We are very pleased to make Pennsylvania and Allentown home to our first sales and operational headquarters,” said Dan Bemis, who will oversee Fundamental’s operations in Allentown. “In choosing a location, we carefully considered our ability to attract and retain high quality and professional employees, the presence of quality institutions of higher education, and the business-friendly nature of the state, regional and municipal environment. We found that in Pennsylvania and the Lehigh Valley.”
The project was coordinated by the Governor’s Action Team, or GAT, which is comprised of economic development professionals who report directly to Governor Rendell and serve as a single point-of-contact for businesses considering locating or expanding in Pennsylvania. The team works with domestic and international businesses and professional site consultants on projects possessing significant investment and job creation opportunities.
The Lehigh Valley Economic Development Corporation (LVEDC) worked with the GAT and Fundamental Financial to help the company secure a $290,000 investment package offer from the state Department of Community and Economic Development that consists of a $150,000 Opportunity Grant and $140,000 in Job Creation Tax Credits.
"LVEDC was proud to work with our many partners on bringing Fundamental to the Lehigh Valley," said Beth Gorin, LVEDC president and CEO. "Fundamental is a wonderful addition to the businesses that have already chosen to call the Lehigh Valley home. The company's decision to start their business within the Lehigh Valley is a great example of the phenomenal talent base and wonderful assets that the region has to offer."
In Lehigh County, there have been 30 GAT projects successfully completed since January 2003. These projects total commitments for 5,645 new jobs created and 7,472 jobs to be retained. The commonwealth has offered more than $86 million in state assistance for these projects, which will leverage more than $975 million in additional investment.
Statewide since January 2003, the Governor’s Action Team has successfully completed 803 projects resulting in commitments for the creation of 85,659 new jobs and the retention of more than 206,000 existing positions. The commonwealth has offered more than $1.5 billion in assistance for these projects, which will leverage more than $10 billion in additional investment.
For information on the Governor’s Action Team and other opportunities through DCED, visit www.newPA.com or call 1-866-GONEWPA (1-866-466-3972).
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The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell's initiatives and to sign up for his weekly newsletter, visit his Web site at: www.governor.state.pa.us.
Department:
Office of the Governor
Governor's Press Office
Room 308 Main Capitol Building
Harrisburg, PA 17120
Contact:
Michael Smith
(717)783-1116
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