Rising Tide Reaches $3.5 Million Lending Milestone

Posted by Administrator (admin) on Jan 30 2015
Press Release >>

Rising Tide Reaches $3.5 Million Lending Milestone

Community Loan Fund's Year-In-Lending Boosts 12 Local Businesses, Creates 28 Jobs 

Bethlehem, Pa. - January 30 - The Rising Tide Community Loan Fund over the past year has provided 12 businesses new loans totaling $311,980, bringing the all-time total over $3.5 million, and created or retained 28 jobs. 

 

"Helping these businesses is crucial for the economy and overall community and many have demonstrated a commitment to hiring new employees," said director Chris Hudock. 

 

Since its inception in 2001, the CACLV subsidiary has awarded 140 loans, creating at least 202 jobs and retaining 258 others. Working exclusively with individuals unable to obtain loans through conventional sources, Rising Tide has seen 76 loans paid in full and only 12 written off as uncollectible, a highly successful conversion rate for such a program. 

 

"Some businesses have everything going for them but the ability to get a loan from conventional sources," Hudock said. "The Rising Tide Community Loan Fund can often be the difference between a thriving, well-capitalized businesses and one that fails." 

 

Of those loans, 58 have been granted to minority-owned businesses and 90 to women-owned businesses, demonstrating the organization's commitment to uplifting a broad cross-section of its community, particularly those most in need. 

 

"We are especially interested in leveling the playing field on behalf of women, people of color and those whose businesses are located in lower-income neighborhoods," said Hudock. 

 

Among this past year's loan recipients were: J. Barker Paving, LLC., a Bethlehem paving business, borrowing $80,000 to purchase equipment; Metta Relaxation Company, LLC., borrowing $41,115 to purchase the floatation tanks needed for this wellness center located in Bethlehem, and Thomas at the Book Shop, LLC., borrowing $22,000 to upgrade the café located within the famous Moravian Book Shop in downtown Bethlehem.

 

Others loan recipients included: 

  • Rapid Dining, LLC., an Allentown-based delivery service for restaurants, borrowed $3,184 to bring a hot meal directly to your office or home.
  • Polished Spa borrowed $21,796 to further enhance their customer's experience at this quaint spa in Wilson.
  • AFab Hauling LLC., borrowed $15,000 to purchase additional lawn care and snow removal equipment for this Catasauqua business.
  • Hairs What's Happening, LLC., a new hair salon in Hellertown, borrowed $35,000 to renovate and furnish their location.
  • Parkway Caribbean, LLC., an established restaurant and convenience store in Allentown, borrowed $35,000 to relocate their business and to expand product offering.
  • 618 West Broad, LLC., borrowed $24,885 toward the purchase of the real estate housing the business. 
  • Rouge Beauty, LLC., a new hair salon located in Bethlehem, borrowed $10,000 to stylize their location.
  • La Favorita Grocery, an established grocery store in Bethlehem, borrowed $10,000 for new flooring and other improvements to their Southside store.
  • DOJO Brick Construction Company, an established construction company based in Allentown, borrowed $10,000 to expand their presence overseas.
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About the Rising Tide Community Loan Fund:
The mission of Rising Tide Community Loan Fund is to identify small business and community development credit needs that may stifle the creation of economic opportunity in low-to-moderate-income communities of the Lehigh Valley and to meet those needs with affordable credit products. Founded in 2001, the loan fund is a subsidiary of CACLV.

Last changed: Jan 30 2015 at 9:15 PM

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