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.
