THE RISING TIDE BOOKS $219,335 TO 8 SMALL BUSINESSES, CONCLUDING THE MICROLENDER'S BEST YEAR EVER

Posted by CACLV (ycolonlopez) on Aug 01 2012
Press Release >>

 

 

   22 Additional Jobs Were Created or Retained

 

The Rising Tide Community Loan Fund made 8 new loans totaling $219,335, making 2011-2012 its best year since it was established in 2001.  During the fiscal year that ended June 30, 2012, The Rising Tide Community Loan Fund booked 19 loans totaling $585,805.  The loans resulted in 70 jobs created or retained. 

 

The following businesses received loans:

 

·         Valley Stone Supply, a stone supply business located in Hanover Township, borrowed $35,000;

·         Great Day Sports Enterprises borrowed $6,785 loan for a sports league in Bethlehem;

·         Visit Vans is a transportation business in Allentown that borrowed $20,000; 

·         Jones Masonry Construction, a masonry contractor located in Orefield, also borrowed $20,000;

·         All Affordable Pest Control in Allentown received a $16,000 loan;

·         Mark-A-Hydrant, a Salisbury Township manufacturer of high visibility reflective markers for fire hydrants, borrowed $75,000;

·         Custom Weatherization, a home weatherization business located in Northampton County, borrowed $25,000; 

·         The Loft Enterprises, a yoga studio in Bethlehem, borrowed $21,550;

 

 

The Rising Tide has awarded 107 loans totaling just over $2,642,000 since its inception, creating at least 152 jobs and retaining 160 others in the Lehigh Valley. Of the 107 loans, 69 have been granted to women-owned businesses, 43 have gone to minority-owned businesses, and 65 benefited low- to moderate-income individuals and their communities. The Rising Tide works with individuals who are unable to secure traditional loans, yet only 8 loans have been written off as uncollectible, while 47 have been paid in full.

 

The Rising Tide Community Loan Fund is a federally-certified community development financial institution that was created to extend credit to entrepreneurs located in communities where resources and opportunities for growth are limited.  Funds can be used for equipment, marketing costs, inventory, working capital and lease-hold improvements.  Its terms are flexible.  Businesses also have access to extensive technical assistance including one-on-one assistance from The Rising Tide and a multi-week entrepreneurial training program provided by the Community Action Development Corporations of Allentown and Bethlehem. The Rising Tide is a subsidiary of the Community Action Committee of the Lehigh Valley.

 

 

 

FOR IMMEDIATE RELEASE 

CONTACT:    Alan L. Jennings

                       610-248-9900 

Last changed: Apr 16 2013 at 6:37 PM

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