Lehigh Valley Regional Loan Pool to Expand
By LVEDC Staff on November 6, 2012
Univest makes $1 million commitment and becomes tenth member of the pool
BETHLEHEM – NOVEMBER 6, 2012 – Univest Bank and Trust Co. has become the tenth member of the Lehigh Valley Regional Loan Pool, a consortium of regional banks along with Lehigh University who partner to provide financing for large-scale economic development projects throughout the region. Univest’s annual commitment to the Loan Pool will be $1 million and is 10.53 percent of the total pool amount of $9.5 million.
The loan pool, which is administered by the Lehigh Valley Economic Development Corporation (LVEDC), focuses its lending on urban revitalization in the cities of Allentown, Bethlehem and Easton. LVEDC manages the loan application process and portfolio on behalf of the participants.
“The regional loan pool is one of the financing tools that we have available to provide projects with an access to capital to help create jobs and development in the Lehigh Valley,” said Don Cunningham, president and chief executive officer of LVEDC. “We are grateful for the commitment of Univest to join the other members of the pool and to make even more financing available for worthy projects in the Lehigh Valley, particularly our cities.”
In addition to Univest and Lehigh University, the other participating members of the Lehigh Valley Regional Loan Pool are First Niagara Bank, KNBT, Lafayette Ambassador Bank, PNC, TD Bank, Embassy Bank, ESSA, Team Capital Bank and Merchants Bank of Bangor.
“As a community bank, we believe in the potential of local businesses,” said Dave Kepler, executive vice president, Univest Bank and Trust Co. “Participating with the regional loan pool provides a great opportunity to support those businesses and strengthen the local economy,” “This is just another way we are demonstrating our commitment to the local community in which we serve.”
Univest Corporation of Pennsylvania was founded in 1876 and is headquartered in Souderton, Pennsylvania. The institution and their subsidiaries serve the financial needs of residents, businesses, and nonprofit organizations in Bucks, Chester, Montgomery and Lehigh counties.
The Loan Pool has financed five major projects since 2004. The Ben Franklin Technology Partners of NE PA received $5 million for the expansion of their existing facility with a total project cost of $12 million. ArtsQuest, Inc. borrowed $4 million for the construction of their $25 million performing arts center in which 55 jobs were created. The Melting Pot restaurant acquired $715,000 for building improvements and equipment for their $1 million project. All three projects are in the City of Bethlehem, Northampton County.During 2005, Starter’s Pub in Bethlehem received $350,000 in Loan Pool financing regarding their $3.1 million construction and in 2004 the loan pool awarded $2.2 million to the Family YMCA of Easton for a $3.3 million project.
For additional information, please contact Stephen Althouse at 610-266-3817 or at [email protected].
Lehigh Valley Economic Development Corporation (LVEDC) is a one-stop, full-service business and economic development agency. Created to promote and foster economic prosperity in the Lehigh Valley, LVEDC assists businesses by providing them with regional, economic and demographic information, finance and business incentives, site and facility availability, business networking, and workforce services. By coordinating with state, county, and municipal governments, chambers of commerce, industry organizations, educational institutions and utilities, the award-winning LVEDC streamlines the relocation and expansion process for businesses. Visit LVEDC online at lehighvalley.org.
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