BUSINESS FINANCING SOLUTIONS

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1 BUSINESS FINANCING SOLUTIONS Helping Lehigh Valley businesses with the resources they need to succeed.

2 ALL THE BUSINESS FINANCING YOU NEED. ALL IN ONE AMAZINGLY CONVENIENT PLACE. Whether your business is just starting up or an established multi-million-dollar corporation, LVEDC will find a financing program to expand your business. Our financing experts work closely with you to find a program that matches your business strategic goals. We ll even help you complete the paperwork. Beyond expanding your business, our financing programs offer benefits to our borrowers, including: Preservation of working capital Relaxed credit/collateral/equity requirements Below-market, long-term, stable rates Loans may even be transferrable/assumable (PIDA, SBA) HOW IT WORKS: LVEDC will work closely with your company to provide information on economic development incentive financing programs, industrial site reuse funds, workforce incentives, development grants and more. LVEDC can help you identify the appropriate programs to assist with your project. We will help you prepare the application and work to get you approved by the appropriate agencies in as little as 45 days. Review the charts in this brochure These LVEDC programs can help you and your customers grow and succeed. Now, make your move. After reviewing our programs, LVEDC invites you to discover the advantages of business investment in eastern Pennsylvania s Lehigh Valley. Our resources can help your business reach its goals. Give us a call today at

3 SUCCESS STORIES 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 communitybased 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 instrumentality created by Lehigh County in 1967, this organization is a conduit issuer of tax-exempt financing for charitable 501(c)3 corporations and manufacturing companies in Lehigh County. Lehigh Valley Regional Loan Pool Created in 2005, this consortium of 13 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. AMERICAN MILLWORK & CABINETRY Emmaus, PA American Millwork & Cabinetry, Inc. specializes in the manufacturing of custom, premium, high-quality and special-ordered plastic laminate, solid wood cabinets, counter tops and a wide array of architectural millwork. Lehigh Valley Economic Development Corporation (LVEDC), in cooperation with Lehigh s Economic Advancement Project (LEAP), provided a financial incentive to American Millwork & Cabinetry, Inc. through the Pennsylvania Industrial Development Authority (PIDA) for the purchase of a 73,000-square-foot building. This resulted in American Millwork relocating to Emmaus, Lehigh County, from Bucks County and led to the retention of 15 jobs and the creation of another 27. In 2008 and 2011, American Millwork returned to LVEDC for assistance in securing a Small Business First loan to acquire machinery equipment to assist in the company s continued growth. This loan was also done in cooperation with Lehigh s Economic Advancement Project (LEAP). LVEDC has been super as far as taking me through the process of getting loans, owner George Reitz said. They provide general support and encouragement. They do a good job of bringing businesses to the Valley. COPPERHEAD GRILLE Allentown, PA Copperhead Grille is a family-owned sports grille in Lehigh Valley. LVEDC helped Copperhead Grille obtain financing through Lehigh s Economic Advancement program funded through the United States Small Business Administration s 504 program and the Pennsylvania Small Business First Fund. The financing assisted Copperhead Grille in opening their second restaurant, located in Allentown. The Airport Road restaurant on the site of the former Damon s features 18 televisions in the bar and dining area, including three large-screen TVs in the dining area dedicated to sports. Michael L. Dontas says LVEDC s assistance was a big help as they set out on their second enterprise. By going through LVEDC instead of a bank or mortgage company, there were definitely breaks available, he said. It s worth it. 4

4 MELTING POT Bethlehem, PA The Melting Pot is the premier fondue restaurant franchise in the United States with over 145 locations across 37 states. LVEDC attracted the Melting Pot to downtown Bethlehem by helping them obtain a loan from the Lehigh Valley Regional Loan Pool funded through 11 local banks and Lehigh University. The loan was used for building improvements, furniture, fixtures and equipment. We are thankful for Lehigh Valley Economic Development Corporation and the City of Bethlehem s Economic Development Department for providing us with the opportunity to bring the Melting Pot into the Lehigh Valley, said Kevin and Jenny O Leary, owners of the Melting Pot. It is with their hard work and belief in the concept that the residents of the Lehigh Valley no longer have to drive over an hour to enjoy the nation s premier fondue restaurant. They now can enjoy the perfect night out in their own back yard. SUPERIOR QUARTZ Bethlehem, PA Superior Quartz makes high-tech lamps for the printing, entertainment, pharmaceutical and semiconductor industries. The Losco family and their business have been designing and manufacturing specialty lamps for 50 years, first in New Jersey and now from their new $4.6 million facility in Bethlehem Township s LVIP-IV. In 2006, LVEDC helped Superior Quartz navigate the sea of red tape associated with a state and federal financing package that included a 2.75-percent high-technology loan made available through the Northampton County New Jobs Corp. (NCNJC) and the Pennsylvania Industrial Development Authority (PIDA), tax-free bonds and a machine equipment loan from the state. LVEDC understands the Lehigh Valley. We had four different banks make presentations and we didn t know what the state had to offer. The bank financing offers are almost too difficult to comprehend, said Denny Losco Jr., CFO and treasurer, who, with his father and two brothers Jeff and Joe run a business their grandfather started in Verona, N.J., in They know how the bureaucracy works and the people you need to talk to. They helped me fill out the applications and walked us through the process with the Governor s Action Team. They did most of the work. We just went to Harrisburg and talked to them about our business. THE FORKS MEDITERRANEAN DELI Easton, PA The Forks Mediterranean Deli is a family-owned business founded in 1998, specializing in Mediterranean and Middle Eastern fare. LVEDC administered a Pennsylvania Business Development Authority (PMBDA) low-interest loan to The Forks Mediterranean Deli. The $75,000 loan helped fund the renovation of their space on Sullivan Trail in Easton. LVEDC was helpful in getting us this financing and allowing us to move forward with our plans, said Vivian Rizk, co-owner. We were very happy with what LVEDC and the Office of Minority and Women-Owned Businesses did for us in helping us through this process. 5

5 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 - 40% of project cost up to $5 million - Up to $5,500,000 for manufacturing projects or projects increasing energy efficiency by 10% or more - Interest rate spread above the 10-year U.S. Treasury bond fixed at date of debenture sale for the term of the loan - Must create one job for every $65,000 borrowed - 20 years land and building - 10 years machinery and equipment - Costs associated with acquisition and site preparation PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY [PIDA] PIDA offers low-interest loans through Industrial Development Corporations for land and building acquisition, construction and renovation resulting in the creation or retention of jobs. - Manufacturing - Industrial - Computer/clerical operations centers - Research and development - Agricultural processors - Firms establishing a national or regional headquarters - Construction or renovation - Loans up to $2 million (within Enterprise Zones, Act 47 Industrial Communities, Brownfield Sites and Keystone Opportunity Zones, $2.25 million) - No more than 60% 70% of total eligible project costs, depending upon firm size and unemployment rate % interest rate; subject to change - Up to 15-year term on land and buildings - No less than a second mortgage on financed assets - Disbursement to applicant based upon reimbursable expenses - Must create/retain one job per $35,000 borrowed PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY [PEDFA] IDA TAXABLE BOND PROGRAM PEDFA serves as an issuer of tax-exempt and taxable bonds, both in pooled transactions 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 - Designated infrastructure - Refinancing - 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 - Synthetic fixed rates available 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 - Designated 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. 6 - For-profit small businesses (100 employees or less) that are located in a DCED, designated distressed community, Keystone Opportunity Zone - Building, construction and renovation - Loans up to $100,000 or 50% of total eligible project cost, whichever is less % interest rate - Flexible terms

6 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 regulations; 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 - 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 % interest rate; subject to change - Must create/retain one job for every $25,000 borrowed - Up to 15-year term for land and building - Up to 10-year term for machinery and equipment - Up to three-year term for working capital PENNSYLVANIA MINORITY BUSINESS DEVELOPMENT AUTHORITY (PMBDA) - Businesses owned and operated by ethnic minorities - Building, construction and renovation - 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, $350,000) or 75% of total eligible project costs, whichever is less - 50% of prime rate, but not less than 4% - Up to 15-year term for land and buildings - Up to 10-year term for machinery and equipment - Up to three-year term for working capital - 25% private-sector match required - May subordinate lien position - Disbursement at closing - Must create/retain one job for every $15,000 borrowed MACHINERY AND EQUIPMENT LOAN FUND [MELF] MELF provides low-interest loans to install new or used machinery and equipment or to upgrade existing machinery or equipment. Program is selective and may be oversubscribed. - 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 $5,000,000 or 50% of the total eligible project costs, whichever is less % interest rate; subject to change - Up to 10-year term, depending upon the useful life of the machinery being financed - Private-sector match required - 10% equity required - Must create/retain one job for every $25,000 borrowed - Project must be directly related to the core business activity; support equipment is not eligible REGIONAL LOAN POOL The Lehigh Valley Regional Loan Pool is primarily focused on the development and improvement of businesses in the cities of Easton, Bethlehem and Allentown, PA. 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 one of the four following categories: Emerging Growth Companies, Commercial/ Industrial Real Estate, Business Expansion and Retention, and Entrepreneurial Development - Building renovation or rehabilitation - 40% of a total project cost with a minimum of $500,000 and a maximum of $2,000,000 - Typical loan packages require a minimum of 20% equity investment in project by the applicant - Interest rate is flexible and set on a case-by-case basis - Loan terms are not designed to provide permanent long-term financing and are generally limited to five years with the option for longer amortization - Priority is given to projects located in the cities of Allentown, Bethlehem and Easton * Rates, terms and conditions are subject to change. 7

7 Discover the advantages of business investment in eastern Pennsylvania s Lehigh Valley. A superior location with a business-friendly, helpful attitude. With numerous resources available, LVEDC, via its partners, has financial programs that can make a difference in your project Avenue C, Suite 200 Bethlehem, PA Funded in part by a PPL Blue Ribbon Grant.

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