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Saturday, April 09, 2011

Rising Tide's Microlending Tops $2 Million

The Rising Tide Community Loan Fund, the small-business lending arm of the CACLV, has now topped $2 million in loans. Altogether, 92 loans have been granted to 80 different businesses, helping create 133 jobs while saving 125 others.

Dale & Georgia Boutique and Barkery, a woman-owned natural pet product business in the heart of Easton, received a $21,000 loan in February for its shop at 403 Northampton Street. 2 Daisies Design, a woman-owned wedding planning business based in Wilson Borough, received $35,000 in March for equipment, inventory and working capital. Windsong Photography, a woman-owned wedding photography business in Mt. Bethel, received a $75,000 in February to refinance a mortgage on the business property.

Each of these loans strengthened the businesses and retained the entrepreneurs’ jobs.

Throughout its ten-year history, only five loans totaling less than $50,000 have been written off as noncollectable, while 40 have been paid in full, leaving an impressive charge-off ratio of just 2.33%.

The Rising Tide Community Loan Fund is a federally-certified community development financial institution that was created to extend credit to entrepreneurs located in communities where resources and opportunities for growth are limited. Funds can be used for equipment, marketing costs, inventory, working capital and lease-hold improvements. Its terms are flexible. Businesses also have access to extensive technical assistance including one-on-one assistance from The Rising Tide and a multi-week entrepreneurial training program provided by the Community Action Development Corporations of Allentown and Bethlehem. The Rising Tide is a subsidiary of the Community Action Committee of the Lehigh Valley.
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7 comments:

  1. AnonymousApril 9, 2011 at 10:08 AM

    This is a wonderful program that gives small business a hand up and an empowerment that they would not normally be able to achieve through conventional means and bring new jobs into our communities!

    ReplyDelete
  2. AnonymousApril 9, 2011 at 11:29 PM

    They do a terrific job

    ReplyDelete
  3. AnonymousApril 10, 2011 at 5:55 AM

    Socialist program. The public sector assisting the private sector. Please contact your Republican Congressman and alert him about this perversion of government and menace to capitalism.

    ReplyDelete
  4. AnonymousApril 10, 2011 at 9:34 AM

    Thank you for the information. Hope that it will be helpful because i am currently trying to save my company from going under. I recently lost a government contract to a non profit organization. No my company is not union, I am a general contractor. I now have put four full time workers and several part time workers out of a job and into the unemployment line. Thank You Wonderful Ed Pawlowski

    ReplyDelete
  5. AnonymousApril 10, 2011 at 6:19 PM

    Does CACLV obtain all its funding from the Government?

    ReplyDelete
  6. Bernie O'HareApril 10, 2011 at 6:35 PM

    No. There are public and private sources of income.

    ReplyDelete
  7. Guy WilliamsApril 11, 2011 at 8:23 AM

    Excellent program along with their job training assistance.Its the goverment handouts without strings that many feel are non productive.

    ReplyDelete

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