RISING TIDE LENDS $427,000 TO 10 SMALL BUSINESSES

FOR IMMEDIATE RELEASE
CONTACT:    Chris Hudock     484-893-1039

 

RISING TIDE LENDS $427,000 TO
10 SMALL BUSINESSES

 

The Rising Tide Community Loan Fund has made 10 new loans totaling $427,182 in the last year creating or retaining 94 jobs.  Of the businesses that received loans, 2 were minority-owned, 8 were women-owned, 5 are located in low- to moderate-income census tracts and 4 were headed by low- to moderate-income entrepreneurs.

The following businesses received loans:

  • Salon 516, LLC, a new salon in Bethlehem, borrowed $50,000 to set up their space on Main Street;
  • Lehigh Valley Isshin Ryu Karate (Hammer Training and Fitness) borrowed $75,000 toward the purchase of a larger facility near Coca-Cola Park in Allentown;
  • Easton-based Hush Little Angels borrowed $80,682 to open a second location in Allentown;
  • Tyler Concessions, serving shaved ice and other treats at fairs and parks, borrowed $40,000 for a new vehicle;
  • Brycon Property Maintenance, a Bethlehem lawn care business, borrowed $26,000 for business acquisition;
  • A Wing and A Prayer Restaurant & Catering, LLC, a new take-out spot in Easton near the State Theatre, borrowed $11,500 to renovate their location;
  • Liven Up Health and Fitness, LLC borrowed $20,000 to purchase equipment for their location in Hanover Township;
  • Betty’s Deli and Fundraising in Whitehall borrowed $14,000 for equipment;
  • Molly’s Irish Grille and Sports Pub borrowed $100,000 to expand their business in south Bethlehem; and
  • DOJO Brick Construction Corporation borrowed $10,000 for working capital to support its business headquartered in Allentown.

The Rising Tide has awarded 129 loans totaling just over $3,230,000 since its inception, creating at least 196 jobs and retaining 295 others in the Lehigh Valley. Of the 129 loans, 85 have been granted to women-owned businesses, 56 have gone to minority-owned businesses, and 84 benefited low- to moderate-income individuals and their communities. The Rising Tide works with individuals who are unable to secure traditional loans, yet only 12 loans have been written off as uncollectible, while 67 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.

 

 

 

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