Back

LVEDC Wins Prestigious ‘Excellence in Development Finance Program’ Award

By Colin McEvoy on October 21, 2016

The Lehigh Valley Economic Development Corporation (LVEDC) has been selected to receive the prestigious Excellence in Development Finance Program Award from the Council of Development Finance Agencies (CDFA).

The award specifically recognizes the Lehigh Valley Lending Network, a revolutionary partnership between LVEDC and 15 Lehigh Valley banks that offers a single point of entry to both private and public financing.

“We’re honored to receive this recognition for the Lehigh Valley Lending Network, which we believe has the potential to serve as a best practice across the country,” said Don Cunningham, LVEDC President and CEO.

“Most regions aren’t fortunate enough to having competing banks working in this unique way to support regional economic growth,” Cunningham said. “This is made possible because of the commitment our banks and the strength of a regional economic development effort led by LVEDC.”

The award will be presented at the CDFA National Summit in New Orleans next month, where LVEDC Vice President of Finance John Kingsley has also been invited to speak as an expert panelist in the session “Creative Access to Capital Solutions.”

The Lehigh Valley Lending Network streamlines the process for businesses seeking financing and new bank relationships, allowing them to simultaneously access and shop commercial lending institutions and economic development resource providers, all in one spot.

“Many companies find it exhausting and difficult to find the right bank for their needs and understand the myriad of financing programs available,” Kingsley said. “The Lehigh Valley Lending Network simplifies that process, allowing them to canvass many resources through a single inquiry and ultimately identify the best possible financing options for their specific needs.”

The CDFA Excellence in Development Finance Program Award is presented to a development finance agency that has implemented an innovative new or particularly successful program, according to the organization.

In order to be eligible, the agency must have achieved recent success in the way development finance programs are operated, managed and administered, according to the CDFA. The goal of granting the award is to make the groundbreaking work done by development finance agencies in our industry more widely known.

“CDFA is proud to honor LVEDC on their efforts to help promote the exciting economic growth that is occurring in the Lehigh Valley area,” said Toby Rittner, CDFA President and CEO. “The Lehigh Valley Lending Network is an exemplary partnership and serves as a fine model for others in our industry to follow.”

Banks participating in the Lehigh Valley Lending Network include Bank of America, BB&T Bank, Conestoga Bank, Embassy Bank, Lafayette Ambassador Bank, M&T Bank, National Penn Bank, New Tripoli Bank, PNC Bank, Peoples Security Bank, Provident Bank, Santander Bank, TD Bank, Wells Fargo, and Unity Bank.

Watch the video below for more information about the Network and how businesses can access it:

To be eligible for the Network, a company must have a profitable operating history during at least two of the past three years, and must be locating or expanding their business within the Lehigh Valley. To access the banks in the Network, the company cannot have an existing lending relationship with a Lehigh Valley bank, or must be unable to obtain the lending services or products they require through their existing relationship.

LVEDC to Host Fall Signature Event at Crayola

Manufacturing isn't just a part of the Lehigh Valley's economic past. As the regional gross domestic product reaches a record-high $37 billion, manufacturing has become it[...]

Continue to Next Page

Lehigh ValleyQuick Facts

Industry Spotlight

9.1% of Labor Force
Employed in Professional, Technical, Financial & Business Services
Q2 2017

By the Numbers
$39.1 Billion

Gross Domestic Product
2016

Investor Spotlight
City Center Lehigh Valley
Industry Spotlight

10.5% of Labor Force
Employed in Manufacturing
Q2 2017

By the Numbers
$3.44 Billion

Exports
2015

Investor Spotlight
Air Products
By the Numbers
$59,989

Median Household Income

Investor Spotlight
PPL Electric Utilities
By the Numbers
24,246

New Jobs Created Over Past 5 Years

Investor Spotlight
National Penn
By the Numbers
659,312

Population

Investor Spotlight
Olympus
By the Numbers
344,623

Labor Force

Investor Spotlight
Lutron Electronics
Industry Spotlight

33% of Labor Force
Employed in Health Care, Social Assistance & Education

By the Numbers
4,399

Technology Patents from 2000-2015

Investor Spotlight
Mack Trucks
Industry Spotlight

10.7% of Labor Force
Employed in Accomodation, Food Services, Arts, Entertainment & Recreation

Investor Spotlight
UGI
Investor Spotlight
NFI
Industry Spotlight

15% of the total community college degrees awarded in PA
2015-2016 academic year

By the Numbers
$6.9 Billion

Manufactuing Contribution to GDP
2016

Investor Spotlight
BB&T
Industry Spotlight

68th largest metropolitan area in the U.S. by population

By the Numbers
$7.98 Billion

Finance, Insurance & Real Estate
Contribution to GDP
2016

Investor Spotlight
Seedcopa
Industry Spotlight

9,747 degrees awarded by colleges and universities
2014-2015 academic year

By the Numbers
$5.3 Billion

Professional & Business Services
Contribution to GDP
2016

Investor Spotlight
Fuling
Industry Spotlight

80,000 employed in "Eds & Meds" sectors

By the Numbers
21.7%

Population between ages 18 and 34

Investor Spotlight
Workforce Board