Vandergrift’s VIP program along with First Commonwealth Bank and Penn State Cooperative will explore financial help and education for the borough and local businesses during a public meeting Friday at the borough building.
First Commonwealth and Penn State Extensions’ Smart Growth Program will see if Vandergrift Borough and local businesses can benefit by the federal Community Reinvestment Act (CRA) of 1977. Among other things, the program encourages banks to work with low-income communities with financing.
“This could help existing businesses and to bring new businesses,” said Marilee Kessler, chairman of the organization committee of VIP.
The meeting starts at 2 p.m.
First Commonwealth Bank will bring in experts in CRA, small business education and resources including loan programs, according to Patrick Thomas, financial solutions center manager for First Commonwealth Bank in New Alexandria.
John Turack, a community development assistant for Penn State Extension in Greensburg, said the meeting will “assess the needs of the community and the businesses.”
Given Vandergrift’s rich history, trends and demographics, the town is poised to be reinvented, according to Turack.
“We’re looking to build the capacity of business owners and residents to take what they have and better utilize them,” he said.
As the CRA program features a bank offering assistance, the reinvestment in the community will be the “private and nonprofit sectors doing the work,” Turack added.
