Local financial programs may be available for new, expanding, or renovating businesses within the City limits. Contact the City of Allentown’s Business Development Department to help identify and customize a financial package for your business. The combination of public funds might help improve cash flow, provide loans to small businesses, or offer lower equity requirements.
- Façade Programs - The City of Allentown and its economic and community partners have matching façade grants available to commercial property owners in certain designated areas of the city. Matching grants are available ranging from $5,000 to $20,000 depending upon the size and location of your business. Building Owners must participate in the program and terms of grants or forgivable loans vary on location. 1:1 match required for most façade programs.
- Allentown Economic Development Loan Fund- Allentown City offers low interest rate (1-3%) flexible loans available to commercial, industrial, and mixed use properties located within the City of Allentown. Loan funds may range between $50,000 and $100,000 depending on project size. In order to apply, a project budget must be minimally $100,000; job creation and/or retention must occur; and 10% equity is required. All other sources of funding must be identified and client must be working on securing funding. Work with an economic development professional to help leverage your investment with other public funding programs for job creation projects.
- Enterprise Loan – Flexible financing may be available for Allentown businesses located within Allentown’s Enterprise Zone through the Allentown Economic Development Organization. Loans ranging from $10,000 to $100,000 are available for up to 75% of eligible project costs. Terms and conditions vary. Eligible capital investments include real estate improvements, machinery, and equipment. Projects must result in job creation or retention. (link to guidelines)
- Pennsylvania Minority Business Development Authority – Loan funds are available for minority owned businesses (51% or more) as defined by program guidelines. Loans amounts range from $20,000 to $50,000 up to 75% of eligible project costs. Eligible uses include real estate improvements or construction, machinery/equipment purchases, and working capital. Terms and conditions vary based on credit worthiness of applicant.
- Allentown Development Company Loan Program (“ADCO”) - Loans ranging from $10,000 to $75,000 may be available to eligible Allentown businesses for land acquisition, construction, equipment or working capital. Aspiring loan candidates must be meeting the following criteria: (1) creating or improving job opportunities for low and moderate-income people in economically distressed areas; or (2) projects for the construction or rehabilitation of ancillary local commercial facilities necessary to provide goods or services principally to persons residing in low or moderate-income areas. Contact John Kingsley at the Lehigh Valley Economic Development Corporation for additional information (610) 266-0887.
- Rising Tide Loan Fund - Rising Tide was created to meet a need in the community for accessible financing options to business owners whose risk factors make it difficult to obtain funds from traditional lenders. RTCLF serves prospective, start-up, and established businesses in Lehigh and Northampton counties by providing a full range of one-to-one business counseling and micro-loans to business owners where resources and opportunities for growth are limited.
- Case Study - Collaborating with an economic development professional in the City of Allentown for economic development financing can help improve your business’s cash flow for eligible projects, particularly if job creation or retention is involved. Example: Small Manufacturing Enterprise Zone Example: Commercial Mixed-Use
- Financial Incentives - The Business Development Department at the City of Allentown works with a host of federal, state, and local partners that can provide attractive financing for re-vitalization and economic development/ job creation projects. Contact us to discuss your project and we will help you identify funding opportunities.