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Program Criteria

Eligible Activities:

  • Land acquisition and site preparation
  • Building and engineering
  • Machinery and equipment
  • Working Capital

Geography:

  • Business must be located in Lehigh or Northampton County

Amount Limits:

  • Up to 30% of total project cost
  • Not less than $10,000
  • No more than $50,000

Terms:

  • Varies with Loan Request
  • Between 3 to 7 years
  • Average of 5 years

Rate:

  • Fixed; Half of Prime plus 1.5%
  • Not less than 4%

Fees:

  • Non-Refundable $100 application
  • $500-750 Legal (depending upon complexity)
  • 1% Settlement

Special Notes:

  • Job creation/retention a priority; one permanent full-time position for each $10,000 borrowed
  • Manufacturing a primary focus with additional emphasis on service industries with job/s
  • Funds available by geographic areas: Lehigh and Northampton Counties with supplemental balances for Bethlehem and Easton
  • Ideally suited to augment standard bank loan
  • A minimum of 10% owner equity participation is required based on total project cost