The grants were awarded through The Rising Tide Community Loan Fund, a subsidiary of the Community Action Committee of the Lehigh Valley.
The 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.
The following businesses received loans:
• Valley Stone Supply, a stone supply business located in Hanover Township, borrowed $35,000.
• Great Day Sports Enterprises borrowed $6,785 loan for a sports league in Bethlehem.
• Visit Vans is a transportation business in Allentown that borrowed $20,000.
• Jones Masonry Construction, a masonry contractor located in Orefield, also borrowed $20,000.
• All Affordable Pest Control in Allentown received a $16,000 loan.
• Mark-A-Hydrant, a Salisbury Township manufacturer of high visibility reflective markers for fire hydrants, borrowed $75,000.
• Custom Weatherization, a home weatherization business located in Northampton County, borrowed $25,000.
• The Loft Enterprises, a yoga studio in Bethlehem, borrowed $21,550.
During the fiscal year that ended June 30, 2012, The Rising Tide Community Loan Fund booked 19 loans totaling $585,805.The loans resulted in 70 jobs created or retained.
Since its inception, The Rising Tide has awarded 107 loans totaling just over $2,642,000 and has created at least 152 jobs and retained 160 others in the Lehigh Valley.
Of the 107 loans, 69 have been granted to women-owned businesses, 43 have gone to minority-owned businesses, and 65 benefited low- to moderate-income individuals and their communities.The Rising Tide works with individuals who are unable to secure traditional loans, yet it said only eight loans have been written off as uncollectible, while 47 have been paid in full.