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.
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