BUSINESS FINANCING SOLUTIONS

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1 BUSINESS FINANCING SOLUTIONS for borrowers Providing Lehigh Valley businesses with the resources they need to succeed. rates as low as 2 percent Flexicon received PIDA financing through LVEDC and its partners.

2 BUSINESS FINANCING THAT ADDRESSES YOUR NEEDS Whether your business is a startup or an established multi-million-dollar corporation, LVEDC will assist you in identifying the best financing resources available to expand. Our financing experts will work closely with you to find a resource that matches your strategic goals. We ll even help you navigate the process in as little as 45 days. Beyond starting or expanding your business, our financing programs offer benefits to our borrowers, including: Lower equity requirements leading to preservation of working capital Relaxed credit, collateral and equity requirements Below-market, long-term (up to 20 years) fixed rates Loans may be transferable or assumable HOW IT WORKS: LVEDC will work closely with your company to provide information on economic development incentive financing programs, and will utilize our vast network of private, public and non-profit partners to promote your continued growth. Make your move. LVEDC invites you to review our programs and discover the advantages of business investment in the Lehigh Valley. Our resources can help your business reach its goals. Give us a call at or visit our website, for more information. 2

3 LVEDC works with a variety of organizations to administer many of our loan programs. With their invaluable assistance, LVEDC has one of the most extensive economic development financing divisions in the state. Allentown Development Company, Inc. A for-profit incorporated in 1991, this community development corporation, directed by a group of local banks and community-based organizations, capitalized a revolving loan pool to finance economic development in the City of Allentown. Lehigh s Economic Advancement Project, Inc. A nonprofit incorporated in 1961, this Certified Area Loan Organization administers many of the Pennsylvania economic development financing programs in Lehigh County. It is the conduit for all Pennsylvania Industrial Development Authority (PIDA) and Small Business First (SBF) loans made within Lehigh County. Lehigh County Industrial Development Authority A public entity created by Lehigh County in 1967, this organization is a conduit issuer of tax-exempt financing for manufacturing companies and charitable 501(c)3 corporations in Lehigh County. Lehigh Valley regional Loan Pool Created in 2005, this consortium of regional banks and Lehigh University focuses on providing financing to meritorious economic development projects in the Lehigh Valley with a primary focus toward urban revitalization in the cities of Allentown, Bethlehem and Easton. Northampton County New Jobs Corp. A nonprofit incorporated in 1963, this Certified Area Loan Organization administers many of the commonwealth s economic development financing programs available in Northampton County. It is the conduit for all Pennsylvania Industrial Development Authority (PIDA) and Small Business First (SBF) loans made within Northampton County. Success Stories PENDUrTHI SUrGICAL ASSOCIATES Hanover Township, Northampton County When Dr. Tribhuvan Pendurthi sought funding to purchase and renovate a building to house his surgical practice, LVEDC made a house call. The longtime Lehigh Valley doctor was approved for $330,000 in SBA 504 funding to acquire what is now a very attractive medical office at 3600 Fairview St. in Hanover Township, Northampton County. The move not only helped Dr. Pendurthi, but allowed him to retain and create eight positions. NOrTHwESTErN PHYSICAL THErAPY New Tripoli, Lehigh County Marcus Smurda and Aaron Smith, owners of Northwestern Physical Therapy and Fitness, started seeing their first patients in January NWPT specializes in orthopedic and sports injuries, post-surgical care, joint replacement rehabilitation, motor vehicle and accident trauma, and workers compensation injuries. Their goal was to purchase a 10,000-squarefoot building that would allow them to expand their practice to include a fitness center so that their patients can continue exercising after their physical therapy is complete. LVEDC administered a $262,000 SBA 504 loan to help them realize their vision. FOLLETT COrPOrATION Easton, Northampton County Since 1948, Follett Corporation has been an industry leader in designing and manufacturing ice storage and transportation systems, ice and beverage dispensers, and medical-grade refrigerators and freezers for the foodservice and healthcare industries. When the company wanted to warm up to some new financing, they contacted LVEDC. Follett worked closely with LVEDC and the Northampton County New Jobs Corp to obtain $2.2 million in Pennsylvania Machinery and Equipment Loan Fund (MELF) financing that was utilized to assist in building renovations, new equipment and employee training. Earlier in the same year, the Pennsylvania Industrial Development Authority (PIDA) approved a $1.9 million, 15- year loan through the Northampton County New Jobs Corp for the benefit of Follett. As a result, Follett was not only able to retain its 300 employees, but expected to create an additional 50 jobs. LIGHTwEIGHT MANUFACTUrING Allentown, Lehigh County When Lightweight Manufacturing wanted to expand its operation from the 22,000 square feet of industrial space they leased from the Allentown Economic Development Corp., they contacted LVEDC. The business constructs fabric panels made for industrial coated fabrics, which are then utilized as covers for permanent and temporary fabric structures. Lightweight Manufacturing needed additional space to make their operations more efficient and cut down on the company s need continued on page 6 3

4 General Economic Development Finance Programs* ELIGIBILITY ELIGIBLE USES AMOUNTS TERMS/CONDITIONS SBA 504 CERTIFIED BUSINESS DEVELOPMENT COMPANY The SBA 504 Certified Development Company program provides growing businesses with long-term, fixed-rate subordinate mortgage financing for acquisition and/or renovation of capital assets including land, buildings and equipment. Virtually all types of businesses are eligible for this program. For-profit owner-occupied manufacturing, industrial, commercial service or retail businesses Construction or renovation Major machinery and equipment Loans up to 40% of project cost up to $5 million Up to $5.5 million for manufacturing projects or projects increasing energy efficiency by 10% or more Typically subordinated lien position to primary lender Interest rate spread above 10-year U.S. Treasury bond fixed at date of debenture sale for the term of the loan every $65,000 borrowed Terms up to 20 years land and building Terms up to 10 years machinery and equipment Disbursement following project completion PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY PIDA offers low-interest loans through Industrial Development Corporations/area loan organizations for land and building acquisition, construction and renovation resulting in the creation or retention of jobs. Manufacturing Industrial Computer/Clerical Operation Centers Research and development Agricultural processors Firms establishing a national or regional headquarters Building construction and renovation Loans up to $2 million (within Enterprise Zones, Act 47 Industrial Communities, Brownfield Sites and Keystone Opportunity Zones, $2.25 million) Loans up to 60% to 70% of total eligible project costs, depending upon firm size and unemployment rate 10-year Treasury rounded to nearest.25% Up to 15-year term No less than a second mortgage on financed assets Disbursement following project completion every $35,000 borrowed May subordinate collateral position PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY [PEDFA] AND LOCAL IDA TAXABLE BOND PROGRAM PEDFA serves as an issuer of tax-exempt and taxable bonds, both in pooled and stand-alone transactions. Bond funds are loaned to businesses and can be used to finance land, buildings and equipment. All types of businesses needing access to low-cost capital Building renovation and new construction acquisition, renovation and installation Infrastructure Refinancing Working capital Loans no less than $400,000 Up to 100% of project costs Interest rate priced at or below market rate Weekly variable interest rate tied to market for taxable bonds Term is based upon negotiated letter of credit Borrower must secure letter of credit from bank PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY [PEDFA] AND LOCAL IDA TAX-EXEMPT BOND PROGRAM Manufacturing Nonprofit Energy Solid waste disposal and installation Transportation facilities Building renovation and new construction New machinery and equipment acquisition and installation Infrastructure Refunding of tax-exempt debt Loans no less than $400,000 and no more than $20 million for manufacturers No upper limit for other projects Up to 100% of project costs Interest rate priced below market rate Weekly variable interest rate tied to market for tax-exempt bonds Up to 30-year term Borrower generally must secure letter of credit from bank Synthetic fixed rates available Traditional fixed rates available via private placement COMMUNITY ECONOMIC DEVELOPMENT LOAN PROGRAM Low-interest loans for projects in distressed communities, stimulating self-help initiatives and helping people build assets at the individual, family and community levels For-profit small businesses (100 employees or less) that are located in a DCED designated distressed community and/or Keystone Opportunity Zone Building, construction and renovation acquisition and installation Working capital Loans up to $100,000 or 50% of total eligible project cost, whichever is less 2% interest rate; subject to change Flexible terms 4 *All rates, terms and conditions are subject to change.

5 ELIGIBILITY ELIGIBLE USES AMOUNTS TERMS/CONDITIONS SMALL BUSINESS FIRST [SBF] SBF provides funding for small businesses including low-interest loan financing for land and building acquisition and construction; machinery and equipment purchases and working capital; to comply with environmental regulation; for businesses involved in municipal or commercial recycling; and for those impacted by defense conversion. Small business (100 employees or less) which are: Manufacturing and industrial Agricultural processors Mining enterprises Child daycare Municipal or commercial recyclers Defense related Construction enterprise Computer-related services Hotels, motels or restaurants and construction purchases and upgrades Working capital Loans up to $200,000 or 50% of total eligible project costs, whichever is less Maximum loan amount for working capital is $100,000 or 50% of total eligible project costs, whichever is less 10-year Treasury % and rounded to the nearest.25% every $25,000 borrowed Up to 15-year term land and building Up to 10-year term machinery and equipment Up to 3-year term working capital Disbursement following project completion May subordinate collateral position PENNSYLVANIA MINORITY BUSINESS DEVELOPMENT AUTHORITY (PMBDA) Businesses owned and operated by ethnic minorities Building, construction and renovation acquisition and installation Working capital Manufacturing, Industrial, High-tech, International Trade or Franchise Companies: Loans up to $500,000 (within Enterprise Zone, $750,000) or 75% of total eligible project costs, whichever is less Retail or Commercial Firms: Loans up to $250,000 (within Enterprise Zone up to $350,000) or 75% of total eligible project costs, whichever is less 50% of prime rate, but no less than 4% Up to 15-year term for land and buildings Up to 10-year term for machinery and equipment Up to 3-year term for working capital 25% private-sector match required May subordinate lien position every $15,000 borrowed Disbursement following project completion MACHINERY AND EQUIPMENT LOAN FUND [MELF] MELF provides low-interest loan financing to install new or used machinery and equipment or to upgrade existing machinery or equipment. Manufacturing Industrial Agricultural processors Direct mining operations Hospitals Information Technology Biotechnology acquisitions and upgrading, related engineering and installation costs directly related to the operations or processes Hospitals to purchase or install FDA required pharmaceutical management equipment Loans up to $5 million or 50% of the total eligible project costs, whichever is less 10-year Treasury % Up to 10-year term, depending upon the useful life of the machinery being financed 10% equity generally required every $25,000 borrowed Project must be directly related to the core business activity; support equipment is not eligible May subordinate lien position REGIONAL LOAN POOL The Lehigh Valley Regional Loan Pool assists and fosters the development and improvement of businesses in the Pennsylvania cities of Easton, Bethlehem and Allentown. The program enables job creation and retention by providing an incentive for economically viable businesses to locate, expand or remain in the Lehigh Valley. Firms looking to locate or expand exclusively within the Lehigh Valley Applications for funding should fall into the following categories: Emerging Growth Companies, Commercial/Industrial Real Estate, Business Expansion and Retention, and Entrepreneurial Building renovation or rehabilitation 40% of a total project cost with a minimum of $250,000 Typical loan packages require a minimum of 20% equity investment Interest rate is flexible and set on a case-by-case basis Loan terms are not designed to provide permanent long-term financing Priority is given to projects located in the cities of Allentown, Bethlehem and Easton *All rates, terms and conditions are subject to change. 5

6 Success Stories continued from page 3 to outsource. By owning property, the company could more easily justify long-term investments. LVEDC worked with the company, the Lehigh Economic Advancement Project, and the Commonwealth of Pennsylvania to arrange for $720,000 in Pennsylvania Industrial Development Authority financing. With the money, Lightweight Manufacturing was able to purchase and renovate an industrial building and add an additional 10 employees. MICHELMAN STEEL ENTErPrISES Upper Macungie Township, Lehigh County Michelman Steel Enterprises concentrates its efforts on steel fabrication for the construction of bridges and buildings for various state and local public works departments. This well-capitalized startup purchased two buildings to house their operations and increase their reliability to handle the demand of their mounting customer orders. LVEDC, with the assistance of the Lehigh Economic Advancement Project, was able to procure a $930,000 loan from the Pennsylvania Industrial Development Authority to help. As a result of this project the company has already hired 11 people and an additional 16 jobs are expected to be created. CANTELMI S FOrKS HArDwArE Forks Township, Northampton County When you get down to it, you can t get very far in life without hammers and nails. Cantelmi s Forks Hardware opened its doors in 2006 under the ownership of Rick and Rose Cantelmi, but the store s history dates back to their affiliation with Cantelmi s Hardware Store in Bethlehem, founded in 1922 by Rick s grandfather. The Forks Township store offers a large and diverse inventory of tools, hardware and landscaping supplies. Customers are treated with respect and receive personalized service. In an effort to the make the store more profitable, the couple knew the key to their future was to purchase the building they were leasing. LVEDC was able to help Rick and Rose realize this goal by procuring more than $1 million in SBA 504 financing for the acquisition. In the process, the capital helped the company retain the store s 30 part-time and full-time employees. workforce Development Finance Programs* ELIGIBILITY ELIGIBLE USES AMOUNTS TErMS/CONDITIONS JOB CrEATION TAX CrEDITS [JCTC] Job Creation Tax Credits provide a $1,000-per-job tax credit to approved businesses that agree to create jobs in the Commonwealth within three years. Approved businesses that agree to create new jobs in the Commonwealth within three years Tax credits used to offset various business tax liabilities $1,000-per-job tax credit to approved businesses that agree to create jobs within three years 25% of the tax credits allocated each year must go to businesses with less than 100 employees Tax credits may not be utilized by a business until the jobs are actually created Eligible positions must be paid at least 150% of the Federal Minimum Wage to qualify Infrastructure Development Finance and General Economic Development Programs* ELIGIBILITY ELIGIBLE USES AMOUNTS TErMS/CONDITIONS PENNSYLVANIA FIrST PrOGrAM (PA FIrST) PA First is a comprehensive funding tool to facilitate increased investment and job creation within the Commonwealth. Businesses, IDCs, municipalities or authorities on behalf of businesses, which will create or preserve a significant number of jobs and will make a significant investment within the commonwealth Machinery/equipment; Job training; Infrastructure, land and building improvements; environmental assessment/remediation Acquisition of land, buildings, right-of-ways; working capital; site preparation, demolition, clearance Each annual Pennsylvania First Program awarded must leverage at least $10 in private investment for every $1 of program assistance rewarded. Competitive projects must offer substantial economic impact, either for the commonwealth as a whole or for the locality or region in which a business will locate or expand; private match required; job creation/ preservation required *All rates, terms and conditions are subject to change. 6

7 Sustainable Development Finance Programs* ELIGIBILITY ELIGIBLE USES AMOUNTS TERMS/CONDITIONS INDUSTRIAL SITES REUSE PROGRAM (ISRP) Grants and low-interest loan financing to perform environmental site assessment and remediation work at former industrial sites. Public entities, private nonprofit economic development entities, and companies involved in reuse of former industrial land; entities that did not cause or contribute to environmental contamination Phase I, II and III environmental assessments; remediation of hazardous substances Grants and loans up to $200,000 for environmental assessments; Grants and loans up to $1 million for remediation Interest rates as low as 2%; terms up to 5 years for assessments and 15 years for remediation projects; a 25% match is required for grant and loan projects BUSINESS IN OUR SITES PROGRAM Planning Grants/Construction Grants and Loans: municipalities, redevelopment authorities, municipal authorities, industrial development agencies, private developers (construction loans only) Planning, engineering, environmental assessments and other pre-development activities necessary for making previously utilized or underdeveloped sites shovel-ready for reuse Acquisition of real estate and site preparation Planning Grant: Up to $250,000 Construction Loan: Maximum funding to single entity not to exceed 15% of funds available for the program Combined Loan and Grant: Up to $5 million or 50% of total combined award, whichever is less Interest rate determined at time of loan approval Repayment term not to exceed 20 years Terms are re-negotiated upon sale or lease of the property Lehigh Valley Land Recycling Initiative s EPA BROWNFIELDS ASSESSMENT GRANT PROGRAM Municipalities, redevelopment authorities, municipal authorities, industrial development agencies, private developers Program is intended to focus on key sites Planning, engineering, environmental assessments and other pre-development activities necessary for making previously utilized or underdeveloped sites shovel-ready for reuse No funds; technical reports Program privides low-cost environment technical reports including Phase 1 and Phase 2 environmental assessments. Requires municipal support Project must lead to significant economic impact and be in conformity with existing zoning and comprehensive plans. Environmental engineer selected by program. EPA BROWNFIELDS CLEANUP REVOLVING LOAN FUND Loans to for-profit property owners and potential developers who did not cause contamination at the project site. Subgrant may be available to non-profit or municipal land owners who did not cause contamination at the project site. Remediation of hazardous substances Underutilized commercial, industrial or residential sites where contamination is hindering redevelopment Limited only by total available Low interest loans for cleanup National Cleanup Plan standard Davis Bacon Wages (prevailing wage) Repayment term not to exceed 20 years Terms are renegotiatied upon sale or lease of the property EPA SITE-SPECIFIC CLEANUP PROGRAM Public and non-profit entities who own a brownfield and will conduct cleanup work Remediation of hazardous substances Underutilized commercial, industrial or residential sites where contamination is hindering redevelopment Capped at $200,000 per project Availability depends on federal appropriations Annual applications due in late fall each year 20% match required *All rates, terms and conditions are subject to change. For more information on the programs listed, please contact one of our finance professionals at

8 Discover the advantages of business investment in Pennsylvania s Lehigh Valley, a superior location with a business-friendly environment. With numerous resources available, LVEDC and its partners have lending programs that can help make your project a success Avenue C, Suite 200 Bethlehem, PA

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