Allentown is easily the commercial and cultural heart of Lehigh Valley. The area boasts a total population of about 118,032 persons, which offers new businesses a more than fair chance of crafting and touching their audience base. Rated the third largest city behind Philadelphia and Pittsburgh, business owners can expect to enjoy a welcoming business environment with business friendly neighborhoods and an array of customers to patronize their business.
Allentown is ranked number 6 on the list of areas in the country with the most development, giving new businesses a chance to become a part of a developing community. The area also offers as many as 30 million people within 100 miles on each side and is home to various higher educational institutions, including;
The Allentown Economic Development Loan Fund offers businesses a chance to qualify for business loans with competitively low-interest rates. The loans are flexible and available to Allentown’s commercial, industrial, and mixed-use properties. Beneficiaries can enjoy loans ranging from $50,000 to $100,000. Before issuing the funds, the city requires a plan wherein there must be job creation or retention, 10% equity, and other flexible requirements.
In collaboration with Allentown Economic Development Corporation (AEDC), the city offers economic development lending assistance to businesses that qualify for it. There are two local funds available;
Minority-owned businesses have a chance to apply for a loan under PMBDA to finance their businesses. Those who fall under the economically or socially disadvantaged class can enjoy up to $250,000 in funding.
This funding presents businesses with as much as $100,000 in business loans for purposes such as construction, land acquisition, working capital, or equipment purchases. Eligible candidates are those that are;
– Creating or improving job opportunities for low and moderate-income people in economically distressed areas.
– Projects aimed at constructing or rehabilitating ancillary local commercial facilities necessary to positively impact people living in low or moderate-income areas.
Interested business owners or startups can leverage these financing opportunities to advance their business and boost economic returns.
Send Us Your Application!