{"id":31730,"date":"2019-03-14T11:00:14","date_gmt":"2019-03-14T15:00:14","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=31730"},"modified":"2019-03-14T14:24:13","modified_gmt":"2019-03-14T18:24:13","slug":"washington-county-ldc-has-surpassed-18-million-in-loans-to-development-projects","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/03\/washington-county-ldc-has-surpassed-18-million-in-loans-to-development-projects\/","title":{"rendered":"Washington County LDC Has Surpassed $18 Million In Loans To Development Projects"},"content":{"rendered":"<figure id=\"attachment_31731\" aria-describedby=\"caption-attachment-31731\" style=\"width: 913px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-31731\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/03\/derway-hc.jpg\" alt=\"\" width=\"913\" height=\"666\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/03\/derway-hc.jpg 913w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/03\/derway-hc-300x219.jpg 300w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/03\/derway-hc-768x560.jpg 768w\" sizes=\"auto, (max-width: 913px) 100vw, 913px\" \/><figcaption id=\"caption-attachment-31731\" class=\"wp-caption-text\">Deanna Derway, Washington County LDC president and executive director.<\/figcaption><\/figure>\n<p>By Susan E. Campbell<br \/>\nWashington County is on a trajectory for continued low unemployment and healthy economic growth in 2019. The Washington County Local Development Corp. will cross the $18 million mark in loans since the public entity began in 1985, officials said.<br \/>\n\u201cThings are going well for us,\u201d said Deanna Derway, WCLDC president and executive director. Since 2015, we\u2019ve approved over $750,000 in loan funding each year and we continue to see an increase in loan applications presented to us annually.\u201d<!--more--><br \/>\nWCLDC has four revolving loan programs. New loans are extended as loan payments and interest payments are repopulated back into the pool.<br \/>\n\u201cThat is why it is so important to take calculated risks and perform our due diligence,\u201d she said.<br \/>\nWashington County has a grade-A success rate. Derway said that of the 190 loans made since 1985, a full 92 percent have come to term. Only 8 percent had to be written off.<br \/>\nLocal economies have their ebbs and flows that can be measured in the number of applications WCLDC receives.<br \/>\n\u201cThere are always peaks and valleys. 2007 and 2008 were among the hardest years with the fewest applicants,\u201d said Derway.<br \/>\nRight now WCLDC has approximately $500,000 available to lend. At the end of December 2018 there was $3.5 million outstanding among 50 loans, she said.<br \/>\nThere is quite a spread among sectors represented. Derway said the top sector is manufacturing, representing 33 percent of loans outstanding. This is followed by food service at 20 percent and retail at 14 percent, with the balance in agriculture, transportation, construction, and a sprinkling of others.<br \/>\n\u201cIt is quite a mixed bag and that attests to the unique culture of Washington County,\u201d Derway said. \u201cI have seen a bit of everything over the 10 years I have worked here and have learned that small businesses are the engines of the county.\u201d<br \/>\nDerway said she does not see applications in the nonprofit arts, entertainment and recreation sector. The reason is that only profit-making entities may apply and the projects must create jobs.<br \/>\n\u201cSome of the old theaters that are being revitalized now around Hudson Falls, Salem and Cambridge are run as nonprofits,\u201d said Derway. \u201cBut as these beautiful buildings are brought back to life and people see the time, care and love going into them, it will impact the growth of the entire community.\u201d<br \/>\n\u201cEach Community in Washington County has its own identity and things to highlight historically\u201d she said.<br \/>\nAt the end of December, Washington County was in the lowest category for unemployment, \u201c4.0 percent or lower.\u201d The state-wide average is now 3.8 percent.<br \/>\nDerway said her workload can be overwhelming at times. \u201cBut I feel fortunate to do the job because people\u2019s livelihoods are at stake,\u201d she said. \u201cJob creation helps all taxpayers.\u201d<br \/>\nShe also feels \u201cfortunate to have 17 minds to bounce things off of\u201d on the Board of Supervisors.<br \/>\n\u201cOrganization and planning are extremely important in my job,\u201d said Derway. \u201cSo is knowing how to communicate with many different types of personalities.\u201d<br \/>\nLearn more at www.wcldc.org.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Susan E. Campbell Washington County is on a trajectory for continued low unemployment and healthy economic growth in 2019. The Washington County Local Development Corp. will cross the $18 million mark in loans since the public entity began in 1985, officials said. \u201cThings are going well for us,\u201d said Deanna Derway, WCLDC president and [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":31731,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-31730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economical-development"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Washington County LDC Has Surpassed $18 Million In Loans To Development Projects - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/03\/washington-county-ldc-has-surpassed-18-million-in-loans-to-development-projects\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Washington County LDC Has Surpassed $18 Million In Loans To Development Projects - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Susan E. Campbell Washington County is on a trajectory for continued low unemployment and healthy economic growth in 2019. The Washington County Local Development Corp. will cross the $18 million mark in loans since the public entity began in 1985, officials said. \u201cThings are going well for us,\u201d said Deanna Derway, WCLDC president and [&hellip;]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/03\/washington-county-ldc-has-surpassed-18-million-in-loans-to-development-projects\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2019-03-14T15:00:14+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2019-03-14T18:24:13+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/03\/derway-hc.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"913\" \/>\r\n\t<meta property=\"og:image:height\" content=\"666\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"jessewinters\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"jessewinters\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/03\/washington-county-ldc-has-surpassed-18-million-in-loans-to-development-projects\/\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/03\/washington-county-ldc-has-surpassed-18-million-in-loans-to-development-projects\/\",\"name\":\"Washington County LDC Has Surpassed $18 Million In Loans To Development Projects - 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Campbell Washington County is on a trajectory for continued low unemployment and healthy economic growth in 2019. 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