ALLENTOWN

ALLENTOWN DEVELOPMENT COMPANY LOAN PROGRAM (ADCO)

This program provides financing to entrepreneurs who start or expand neighborhood-based businesses that provide goods and services to low and moderate income census tracts, any legal business entity creating or retaining jobs where 51 percent of the jobs are held by low and moderate income residents, nonprofit organizations providing community-based services in low and moderate income neighborhoods and housing developers who develop affordable housing in low and moderate income census tracts. Funds may be used for land and building acquisition, building construction and renovation, machinery and equipment, inventory and working capital. Minimum loan amount is $10,000, and the ADCO board establishes the interest rate based on the needs of the applicant.

DOWNTOWN FACADE PROGRAM

This program is designed to improve the appearance, safety and energy efficiency of downtown retail properties and to provide for interior renovations and equipment purchases for retail operators. Eligible borrowers are retail building owners or retail tenants located within Allentowns Downtown Improvement District. Eligible projects include facade improvements, retail equipment and code work. Loan amounts range from $3,000 to $30,000 at a 5 percent interest rate.

NEIGHBORHOOD BUSINESS REVITALIZATION LOAN PROGRAM (NBR)

The NBR program provides loans to commercial building owners and commercial tenants in a specific geographic area who want to upgrade the appearance, safety and energy efficiency of their properties in order to improve the overall business environment within a specific area of downtown Allentown. Funds may be used for exterior facade improvements; structural, mechanical and electrical repairs; landscaping; interior renovations; energy improvements; sign repairs or replacement; equipment purchase and project soft costs. Loan amounts range from $5,000 up to $30,000 with a 6 percent interest rate.

ENTERPRISE ZONE LOAN

Available to businesses located within the Allentown Enterprise Zone. Recipients must create and/or retain jobs that will provide employment for enterprise zone residents and/or otherwise provide tangible benefits to the zone to increase overall economic activity and/or enhance the economic environment within the zone. Applicants may receive between $10,000 and $100,000 for improvements to the real estate including leasehold improvements, equipment, or working capital. Depending on creditworthiness, recipients pay 5.25%-8% interest for 3 to 10 years. Collateral Required.

For more information about Allentown Area Financing, contact Allentown Economic Development Corporation at 610.435.8890 or www.allentownedc.com.

BETHLEHEM

THE BETHLEHEM  LOAN POOL

BEDCO provides financing to firms looking to locate or expand within the City of Bethlehem. Funds may be used for land and building acquisition, building renovation or rehabilitation, and machinery and equipment. The interest rate floats with the New York prime. Loan amounts are available from $100,000 up to $2 million. Below-prime-rate financing is provided for 40 percent of the total project cost.

FACADE PROGRAM

This program is offered as an incentive to property owners in Bethlehems North and South Side Central Business Districts. Funds may be used for window replacement, exterior painting, brick-pointing, signage and other building facade improvements. Improvements must meet the Secretary of the Interior Standards for Rehabilitation and the Guidelines for Rehabilitating Historic Buildings. Loan amounts may not exceed $30,000 and remain interest free for 15 years.

FUND FOR REVITALIZATION AND ECONOMIC DEVELOPMENT (FRED)

FRED provides low-interest rate gap financing to businesses that will create and/or retain jobs within the City of Bethlehem for low- to moderate-income households. Funds may be used for land and building acquisition, building renovation or rehabilitation, equipment and machinery, and interim financing. Gap financing is defined as the difference between the total project cost and the maximum amount of private financing available. The amount of the loan, the term and the interest rate depend upon what is necessary for the projects financial success.

LOCAL ECONOMIC REVITALIZATION TAX ASSISTANCE (LERTA)

LERTA is a property tax abatement program that creates a graduated increase in the payment of taxes on improvements and new construction to commercial, industrial and other business property located within the City of Bethlehems state-designated Enterprise Zone and the North Side Central Business District. This incentive creates a 20 percent graduated increase in the payment of taxes on improvements to commercial, industrial and other business property over a five-year period and a 10 percent graduated increase in the payment of taxes on new construction of commercial, industrial and other business property over a 10-year period. The graduation of taxes applies only to the taxes that are attributable to the improvement project.

For more information about Bethlehem Area Financing, contact BEDCO at 610-865-7056.

EASTON

BUSINESS IMPROVEMENT AND DEVELOPMENT LOAN PROGRAM (BID)

The Business Improvement and Development (BID) loan program offers financing to assist businesses with property acquisition, building renovations, facade improvement, equipment and fixtures. Financing up to $25,000 for up to 70 percent of project costs is available at an interest rate discounted below prime. Eligible projects must create or retain jobs in accordance with federal requirements. Applications and program information are available through Easton Economic Development Corporation.

EASTON ECONOMIC DEVELOPMENT CORPORATION LOAN POOL (EEDC)

The EEDC Loan Pool is a program that assists and fosters the development, renewal and improvement of business in the City of Easton. Businesses in operation for 12 months or more seeking to locate or expand within the City of Easton and the Enterprise Zone may apply for loans ranging from $50,000 up to $1 million. Creation/retention of employment opportunities, meeting local economic development initiatives and leveraging private investment are among the programs goals. Eligible activities include acquisition, construction, building renovations, machinery and equipment at up to 40 percent of total project cost. Interest rates start at prime, with the potential for discounting based on the level of economic benefit.

ENTERPRISE ZONE REVOLVING LOAN FUND

This loan fund provides low-interest financing to industrial, manufacturing and commercial projects that will create or retain jobs in Eastons Enterprise Zone. Funds may be used for land and building acquisition, building construction and renovation, machinery and equipment, environmental remediation and infrastructure. Loans are available up to 100 percent of project costs with a cap of $30,000.

LOCAL ECONOMIC REVITALIZATION TAX ASSISTANCE (LERTA)

The City of Easton, Easton Area School District and Northampton County offer tax abatement on property improvement and new construction within designated areas in the City of Easton. Under the LERTA program, taxes on improved value are abated for three to five years, allowing for savings on investment in property renovations and construction. Properties in eligible areas may apply for LERTA acceptance when building permits for the improvements are requested.

For more information regarding Easton Area Financing contact EEDC at 610-250-6781.