Allentown & Lehigh Valley Small business Loan Programs
Sometimes economic development projects need a financing boost to get off the ground. Loan programs managed by Allentown Economic Development Corporation are intended to provide gap financing to small business expansion projects in the Lehigh Valley. AEDC works cooperatively with banks and other development financing agencies to bring projects to life, and will happily combine our resources with other Federal, State and local programs. Learn more about each of the programs below.
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. Learn how Lehigh Valley Grand Prix used an Enterprise Zone loan
ADCO Loan
Available to entrepreneurs who start up or expand neighborhood-based businesses that provide goods and services to low-to-moderate income census tracts. Applicants may receive between $10,000 and $100,000 for land & building acquisition, building construction & renovation, machinery & equipment, inventory and working capital. The ADCO Board determines rate and conditions of financing on a case-by-case basis.
Pennsylvania Minority Business Development Authority (PMBDA) Loan
Available to Minority members as defined by the PMBDA. Ownership interest must be at 51% minority. Acceptable borrowers are those that fit in one of the following minority categories: African–American, Native American, Puerto Rican, Spanish–speaking American, Aleuts, Asian Pacific Americans, Asian Indians and Eskimos. Applicants may receive between $20,000 and $50,000 for machinery and equipment, improvements to real estate including leasehold improvements, or working capital and lines of credit. Recipients pay 5-7% interest up to 5 years. Funds cover 75% of project costs. Collateral required.
