Wednesday, August 5, 2009

Small Business Loan Pool

Hi everyone -

We recieved some information today on another loan pool that may be available to businesses that want/need funding but don't have access to it. The information is below. Another great loan pool and a solid partner for small businesses and communities is the Rising Tide Community Loan Fund.

Lehigh & Northampton Counties
Revolving Loan Fund

Contact: Joslyn Tapler
Program Administrator
(610) 758-5206
(610) 758-5030

Lehigh University Small Business Development Center
Rauch Business Center
621 Taylor Street
Bethlehem, PA 18015

Eligible Activities: Land acquisition and site preparation
Building and engineering
Machinery and equipment
Working Capital

Amount Limits: Up to 30% of total project cost
Not less than $10,000
No more than $50,000

Terms: Varies with Loan Request
Between 3 to 7 years
Average of 5 years

Rate: Fixed; Half of Prime plus 1.5%
Not less than 4%

Fees: Non-Refundable $100 application
$500-750 Legal (depending upon complexity)
1% Settlement

Special Notes: Job creation/retention a priority, one permanent full-time
position for each $10,000 borrowed
Manufacturing a primary focus with additional emphasis on service industries with job
Funds available by geographic areas: Lehigh and Northampton Counties with supplemental balances
for Bethlehem and Easton
Ideally suited to augment standard bank loans

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