Lehigh Valley Businesses Discuss How LVEDC Helped Them Secure COVID-19 Financing Assistance
By Colin McEvoy on June 15, 2020
When the coronavirus pandemic first started forcing businesses to temporarily close or curtail operations, the Lehigh Valley Economic Development Corporation (LVEDC) got to work helping regional companies receive emergency financing.
LVEDC reassigned the majority of its staff to focus on assisting with applications on behalf of Lehigh Valley companies through the Pennsylvania Industrial Development Authority’s COVID-19 Working Capital Access Program.
LVEDC received a large number of inquiries during the program’s brief six-day window, and ultimately submitted 26 loan applications totaling $2.3 million in financing before the application window closed on March 31. The loans were submitted through Lehigh Valley Economic Investment Corporation, the region’s certified economic development organization, for which LVEDC provides administrative staff.
LVEDC’s effort was led by Jaime Whalen, Vice President of Administration and Investor Relations and Chief of Staff, and the LVEDC finance team, which includes Director of Business Recruitment and Lending Doug Warfel, Director of Economic Development Finance Jennifer Weighknecht, and Program Administrator Stephanie Wean.
Below are representatives of just a few of the companies LVEDC was able to assist in securing emergency COVID-19 financing:
Tim McNair, Chief Financial Officer of BRD Noise and Vibration Control:
“LVEDC’s guidance and support was an important step for BRD in navigating the process to access funding options for small businesses during this pandemic. The team at LVEDC reviewed options and identified the best path forward to secure necessary funding. With their guidance we received a state level loan to support our essential manufacturing operations during the economic slowdown. We are fortunate to have a local organization supporting our efforts to remain viable throughout the pandemic.”
Joe Landrigan, President of Sage Design-Build:
“LVEDC made the process of securing funding through the CWCA as positive an experience as one could expect while going through these trying times. The process was quick and efficient, and the LVEDC staff immediately provided straightforward and candid answers to all of our questions. We very much appreciate their assistance.”
Jeremy Dombroski, Chief Financial Officer of Precise Design Group:
“When the COVID-19 pandemic reached and eventually closed Precise Design Group in March, we were faced with an enormous unknown as to when we would be able to reopen. We began to deplete our working capital to maintain minimum staffing levels to support our customers. We contacted LVEDC to see if they were aware of any assistance that was being offered to companies in our position. The team became close partners with us as we worked through the CWCA process, which proved to be a critical lifeline as the shutdown was extended past what our balance sheet could support.”
Jason Perillo of Perillo Chiropractic:
“During this unprecedented time, a small business owner stresses about how to keep their business operating without income. Thank you to the LVEDC for helping many of us survive through this pandemic. We are forever grateful.”
Everett Cook of Everett Cook Law:
“We contacted LVEDC after the COVID-19 outbreak for help applying for the state’s working capital funds. While it was clear they were very busy at that time, they were able to guide us quickly and easily through the process and get our application approved. They were very professional and helpful, and we appreciate everything they have done for us.”
Robert Beach of Beach HVAC:
“It was a very trying time for us as a company, but the associates at LVEDC made it feel easy. We really appreciate them helping us and walking us through each step to getting that loan. We’re really happy and extremely grateful for your assistance.”
LVEDC Q&A: Carol Kuplen of St. Luke’s & Ed Dougherty of LVHN
The Lehigh Valley Economic Development Corporation (LVEDC) is led by a Board of Directors with expertise that represents a broad cross-section of the regional economy, inc[...]Continue to Next Page