Delaware’s Protected Coastal Zone To Be Opened for Large Industry Under This Bill

The Delaware Coastal Zone Act was signed into law by Governor Russell Peterson in an effort to “protect Delaware’s coastal area from the destructive impacts of heavy industrialization and offshore bulk product transfer facilities.” It has been 46 years since that act was created and now there is a new bill that is being considered by the Senate that will reopen the are to industrial development.

Delaware Coastal Zone Act

The Delaware Coastal Zone Act became a law on June 28, 1971. It was decided at the time that Delaware’s coastal areas were at risk due to heavy industrialization.

The two main goals of the Act were:
1) To preserve the coastal environment
2) To promote recreation and tourism in the area

New industrial development in the designated coastal zone was prohibited under the Delaware Coastal Zone Act. Those who receive a Coastal Zone Act Permit are still allowed to build light manufacturing facilities and to expand existing light manufacturing plants or heavy industrial uses that were in place before the Act was passed. Permits are administered by the Delaware Department of Natural Resources and Environmental Control (DNREC).

Regulating the Act

The Act initially had no regulations to guide in its administration by the Secretary of the DNREC. A set of regulations was proposed in 1993 by the State Coastal Zone Industrial Control Board, but they were rejected after allegations that they had been voted on without the required public notice. It took another six years before regulations were passed. The official Coastal Zone Regulations of 1999 were considered to be an effective compromise between environmentalist groups and industry developers.

The regulations:
Gave increased flexibility to developers

  • Required permits to be pro-environment
  • Required applicants to develop offset proposals
  • Reduced the need to acquire permits for small changes in production
  • Clarified expectations to industrialists as well as administators

Proposal of a Modifying Bill

State Representative Ed Osienski, a Democrat, is the main sponsor of the new bill regarding the state’s coast. He said about the bill that: “I wanted to be able to thread the needle between creating some jobs in the coastal zone and also protecting our pristine coastline.”

The bill was initially proposed in May of 2017. It was praised by Delaware’s Governor, John C. Carney Jr. The Democratic governor believes it will allow for the creation of new jobs for the communities along the coast. It also has the backing of the Delaware State Chamber of Commerce for the same reason.

What the Bill Will Do

If it is passed, the new bill will:

  • Affect 14 sites on the Delaware coast
  • Allow the DNREC to issue permits for industrial development
  • Allow the transfer of bulk products at sites with docking facilities that were in place before the Delaware Coastal Zone Act of 1971

While the new bill does allow for much more industrial development than has been allowed under the Act, it does not completely reverse all of it. There are several things that are still banned under the bill, including:

  • Oil refineries
  • Liquefied natural gas terminals
  • Pulp paper mills
  • Incinerators
  • Steel manufacturing plants

Passing the Bill

The bill has already been passed by the State House in a 34-to-7 vote. It is currently being looked over by the Delaware Senate. Meanwhile, environmental groups continue to oppose the bill. They are concerned that it could lead to environmental damage in the coastal areas where the bill will allow industrial actions that have been banned since 1971.

Labor unions argue that the Act has had a detrimental effect on the economy and the job market. They say that there will still be protections in place under the new bill that will prevent environmental damage while still allowing for job growth.

It is up to the Senate now to decide the fate of this bill. Their session is nearly over, so they are expected to reach a decision in the near future.

PayPal Will Be Offering More Loans With Swift Financial Buy

Paypal To Acquire Swift Financial To Help Strengthen Small Business Lending

The global payment processing company Paypal recently announced that they plan to acquire Swift Financial, a company which offers owners of small businesses working capital to grow their companies. The terms of this deal have not been disclosed to the public. However, it is known that with Paypal acquiring Swift Financial, they will have more tools in their arsenal to expand on their already growing Working Capital product.

Who Is Paypal?

Paypal is an American company that operates worldwide as an online payment processing system. It supports the transfer of money between account holders and serves as a way to make and receive payments for businesses electronically. Paypal is one of the world’s largest online payment processing companies and was established in 1998. They are used primarily as a payment processor for auction sites, online vendors and other commercial uses.

Bolster Paypal’s Working Capital Product

This new move for Paypal is supposed to help grow a part of their company which has seen a lot more competition over the last few years. They had first launched Working Capital for businesses back in the year 2013. Since they first launched it, other companies such as Kabbage and Square began to emerge offering their own credit lines similar to what Paypal offers to owners of small businesses.

Knowing the full extent of the competition, Paypal decided to gain control of Swift in order to add their their own underwriting abilities and be able to expand the amount of data they can access in order to figure out the creditworthiness of their customers. This, in turn, will grow the amount of capital they have available for their small business customers.

Paypal understands and knows the value of adding Swift to their arsenal. Their talent and technology platform will just further strengthen Paypal’s overall business and merchant value proposition. Combining Swift with Paypal will just further grow their existing relationship. It will also further enable Paypal the ability to serve their small business customers as well as enhance their underwriting capabilities in order to offer access to affordable financing solutions for more businesses than before to help them thrive and grow.

Swift Financial was originally founded in 2006. Since then, they have provided funding to over twenty-thousand small businesses. This is really great for a start-up and proves they are going to make a good fit with the already established Paypal. Combining both Swift with Paypal will easily give them massive distribution and the chance to reach more small businesses to work with and help.

During Paypal’s announcement about acquiring Swift, they had said they have already provided more than $3 billion dollars in funding to over 115,000 small businesses already since they launched their Working Capital product. The combining of Swift and Paypal is expected to be completed by the end of the year. Neither company plans to disclose any of the pricing or terms of the deal at this time. However, Paypal didn’t file an 8-K. This would have had to be filed if the transaction had a specific material amount. Additionally, it didn’t provide any changes in financial guidance. This shows that the transactions seems to be one that is of a non-material event.

Summary Of Paypal’s Acquisition Of Swift

•Paypal has began to acquire Swift Financial for an amount that is undisclosed.

•Swift is a company which offers online lending services to small businesses based on creditworthiness and other conditions that Swift deems important for decision-making.

•The deal for Paypal to acquire Swift Financial is being done in an effort to grow their already successful Working Capital Product in order to bolster a more strategic plan to bring in small business clients.