Lehigh Valley Economic Development Corporation and the Community Action Committee of the Lehigh Valley (CACLV) have collaborated to create and administer the Lehigh Valley Lending Network, which makes it easier for qualified small businesses to secure credit.
The program brings together 13 lending institutions and 10 economic development financing organizations including the Rising Tide Community Loan Fund and The Small Business Development Center at Lehigh University. Through the program, loans are considered for new or existing businesses that do not currently have an existing commercial lending relationship or have previously been declined by a participating institution.
LVEDC, participating institutions, and related economic development lending entities carefully scrutinize the creditworthiness of an application collectively, enabling a borrower to more quickly access all lending options. This expedites access to credit and provides community development lenders with crucial information to better assess gaps in access to credit for the purpose of expanding economic development in the Lehigh Valley.
Eligible loan projects are assembled, according to application packaging specifications set forth by the Committee, and delivered to LVEDC. These packages are then analyzed and distributed to participating institutions and reviewed at a formal meeting of the Network. At the scheduled meeting, a brief presentation on the loan project will be provided by the originating member or by LVEDC. Following the presentation, the lending institutions will have an opportunity to review the application’s potential. After discussion, a poll is taken of member institutions to determine the level of interest in making the proposed loan or performing additional review of the request.